--- title: The Final 2019 Tax Planning Tool - RRSPs description: In most cases, once December 31 hits, you have lost your opportunity to leverage the last minute tax planning strategies that will fully optimize your 2018 tax return. However, you can still make the most of Registered Retirement Savings Plan (RRSP) contributions. image: https://www.koroll.ca/hubfs/Koroll_tax_last_tool.jpg --- [![Koroll & Company - Newmarket CPAs](https://www.koroll.ca/hs-fs/hubfs/images/Logos/koroll_blue.png?width=247&height=65&name=koroll_blue.png "Koroll & Company - Newmarket CPAs")](https://www.koroll.ca/) [![Certified Professional Accountants Newmarket](https://www.koroll.ca/hs-fs/hubfs/images/Logos/CPALogo_2014_notext_72.png?width=82&name=CPALogo_2014_notext_72.png "Certified Professional Accountants Newmarket")](https://www.cpacanada.ca/) ![AdobeStock_77939924_WM.jpeg](https://www.koroll.ca/hs-fs/hubfs/images/Banners/taxesBannerBlueStrip-1.jpg?width=2000&name=taxesBannerBlueStrip-1.jpg "AdobeStock_77939924_WM.jpeg") # Koroll & Company Blog - [Tax Deductions (118)](https://www.koroll.ca/koroll-and-company-blog/topic/tax-deductions) - [Tax Tips (88)](https://www.koroll.ca/koroll-and-company-blog/topic/tax-tips) - [CRA (85)](https://www.koroll.ca/koroll-and-company-blog/topic/cra) - [Corporate (84)](https://www.koroll.ca/koroll-and-company-blog/topic/corporate) - [Small Business (61)](https://www.koroll.ca/koroll-and-company-blog/topic/small-business) - [Pension Plans (30)](https://www.koroll.ca/koroll-and-company-blog/topic/pension-plans) - [RRSP (22)](https://www.koroll.ca/koroll-and-company-blog/topic/rrsp) - [Education (14)](https://www.koroll.ca/koroll-and-company-blog/topic/education) - [TFSA (14)](https://www.koroll.ca/koroll-and-company-blog/topic/tfsa) - [Real Estate (13)](https://www.koroll.ca/koroll-and-company-blog/topic/real-estate) - [COVID-19 Updates (7)](https://www.koroll.ca/koroll-and-company-blog/topic/covid-19-updates) - [E-Commerce (2)](https://www.koroll.ca/koroll-and-company-blog/topic/e-commerce) - [Internet (2)](https://www.koroll.ca/koroll-and-company-blog/topic/internet) - ["Ontario Budget" (1)](https://www.koroll.ca/koroll-and-company-blog/topic/ontario-budget) - [Insider (1)](https://www.koroll.ca/koroll-and-company-blog/topic/insider) [see all](https://www.koroll.ca/koroll-and-company-blog/the-final-2019-tax-planning-tool-rrsps#) ## [The Final 2019 Tax Planning Tool - RRSPs](https://www.koroll.ca/koroll-and-company-blog/the-final-2019-tax-planning-tool-rrsps) [fa icon="calendar"] Feb 7, 2019 11:05:27 AM / by [Allen Koroll](https://www.koroll.ca/koroll-and-company-blog/author/allen-koroll) - [Tweet](https://twitter.com/share) ![A person working out their 2018 tax return](https://www.koroll.ca/hs-fs/hubfs/Koroll_tax_last_tool.jpg?width=800&name=Koroll_tax_last_tool.jpg) January is over and the deadline for your [2018 tax return](https://www.koroll.ca/tax-services) is soon approaching. While you are probably eager to say goodbye to the past year and look ahead to all that the new year has to offer, you still need to take one final look back at 2018 before you put it out of sight and out of mind. Before you settle into 2019, you will have to complete your 2018 tax return. In most cases, once December 31 hits, you have lost your opportunity to leverage the last minute tax planning strategies that will fully optimize your return. There is, however, one tax planning strategy you have in your toolbox to ensure you make the most of your 2018 income tax return - Registered Retirement Savings Plan (RRSP) contributions. ### What are RRSPs? RRSPs were specifically designed with long-term savings in mind and can be a great tool for reducing your tax owing. When you contribute to your RRSP, you are able to reduce your taxable income in the year that the contribution was made, reducing your tax owing. When you withdraw those funds, usually after retirement when your income has been substantially reduced, you will be taxed on your withdrawals - hopefully at a lower tax rate. ### How can I still leverage RRSPs? Unlike other tax planning tools, you can utilize your RRSP until March of the following year. As such, the RRSP contribution deadline for your 2018 tax return is March 1, 2019 (unless, as discussed in our previous blog ‘[*Looking to Save Money in 2019? Understanding the Difference Between RRSPs and TFSAs*](https://www.koroll.ca/koroll-and-company-blog/understanding-the-difference-between-rrsps-and-tfsas)’, you turned 71 in 2018). The 2018 RRSP contribution limit is 18% of the income you reported on your 2017 tax return, up to a maximum of $26,230. If you do not contribute the full amount in any given year, it is carried forward indefinitely. Looking forward, the 2019 RRSP contribution limit is 18% of the income that is reported on your 2018 tax return, up to a maximum of $26,500. To find out if you could benefit from additional contributions to your RRSP before the March 1 deadline, [contact us today](https://www.koroll.ca/contact-us). [![Book A Free Consultation](https://no-cache.hubspot.com/cta/default/1577306/b06a76bd-288d-4d2f-9a8c-41fd86ee8e2f.png)](http://cta-redirect.hubspot.com/cta/redirect/1577306/b06a76bd-288d-4d2f-9a8c-41fd86ee8e2f) --- The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation. ## About Koroll & Company At Koroll & Company we grow our firm through satisfied clients referring us as a trusted accounting firm to their friends, family members and associates. The only way we know how to achieve this is strive to exceed your expectations and provide you with exceptional service. We have 20+ years servicing Newmarket, ON and the surrounding areas, and look forward to servicing you next. So give us a call and speak to a friendly staff member from Koroll & Company today! Topics: [Tax Deductions](https://www.koroll.ca/koroll-and-company-blog/topic/tax-deductions) ![Allen Koroll](https://www.koroll.ca/hubfs/Koroll_and_Co_Staff_Pictures/Allen_Koroll_CGA_Newmaket_Picture.png) #### Written by [Allen Koroll](https://www.koroll.ca/koroll-and-company-blog/author/allen-koroll) ### Subscribe to Email Updates - Recent - Popular - Categories ### Lists by Topic - [Tax Deductions (118)](https://www.koroll.ca/koroll-and-company-blog/topic/tax-deductions) - [Tax Tips (88)](https://www.koroll.ca/koroll-and-company-blog/topic/tax-tips) - [CRA (85)](https://www.koroll.ca/koroll-and-company-blog/topic/cra) - [Corporate (84)](https://www.koroll.ca/koroll-and-company-blog/topic/corporate) - [Small Business (61)](https://www.koroll.ca/koroll-and-company-blog/topic/small-business) - [Pension Plans (30)](https://www.koroll.ca/koroll-and-company-blog/topic/pension-plans) - [RRSP (22)](https://www.koroll.ca/koroll-and-company-blog/topic/rrsp) - [Education (14)](https://www.koroll.ca/koroll-and-company-blog/topic/education) - [TFSA (14)](https://www.koroll.ca/koroll-and-company-blog/topic/tfsa) - [Real Estate (13)](https://www.koroll.ca/koroll-and-company-blog/topic/real-estate) - [COVID-19 Updates (7)](https://www.koroll.ca/koroll-and-company-blog/topic/covid-19-updates) - [E-Commerce (2)](https://www.koroll.ca/koroll-and-company-blog/topic/e-commerce) - [Internet (2)](https://www.koroll.ca/koroll-and-company-blog/topic/internet) - ["Ontario Budget" (1)](https://www.koroll.ca/koroll-and-company-blog/topic/ontario-budget) - [Insider (1)](https://www.koroll.ca/koroll-and-company-blog/topic/insider) [see all](https://www.koroll.ca/koroll-and-company-blog/the-final-2019-tax-planning-tool-rrsps#) ### Posts by Topic - [Tax Deductions (118)](https://www.koroll.ca/koroll-and-company-blog/topic/tax-deductions) - [Tax Tips (88)](https://www.koroll.ca/koroll-and-company-blog/topic/tax-tips) - [CRA (85)](https://www.koroll.ca/koroll-and-company-blog/topic/cra) - [Corporate (84)](https://www.koroll.ca/koroll-and-company-blog/topic/corporate) - [Small Business (61)](https://www.koroll.ca/koroll-and-company-blog/topic/small-business) - [Pension Plans (30)](https://www.koroll.ca/koroll-and-company-blog/topic/pension-plans) - [RRSP (22)](https://www.koroll.ca/koroll-and-company-blog/topic/rrsp) - [Education (14)](https://www.koroll.ca/koroll-and-company-blog/topic/education) - [TFSA (14)](https://www.koroll.ca/koroll-and-company-blog/topic/tfsa) - [Real Estate (13)](https://www.koroll.ca/koroll-and-company-blog/topic/real-estate) - [COVID-19 Updates (7)](https://www.koroll.ca/koroll-and-company-blog/topic/covid-19-updates) - [E-Commerce (2)](https://www.koroll.ca/koroll-and-company-blog/topic/e-commerce) - [Internet (2)](https://www.koroll.ca/koroll-and-company-blog/topic/internet) - ["Ontario Budget" (1)](https://www.koroll.ca/koroll-and-company-blog/topic/ontario-budget) - [Insider (1)](https://www.koroll.ca/koroll-and-company-blog/topic/insider) [see all](https://www.koroll.ca/koroll-and-company-blog/the-final-2019-tax-planning-tool-rrsps#) ### Recent Posts ### Navigation [![Book a Corporate Consultation ](https://no-cache.hubspot.com/cta/default/1577306/d01d118a-226f-4228-b26d-7c2ce0d13ccf.png)](https://cta-redirect.hubspot.com/cta/redirect/1577306/d01d118a-226f-4228-b26d-7c2ce0d13ccf) ![](https://www.koroll.ca/hs-fs/hubfs/images/Logos/koroll_white.png?width=247&height=65&name=koroll_white.png "koroll_white.png")   We've proudly served Newmarket and the surrounding region for over 20+ years. We pride ourselves on delivering value to all our clients, and providing up-to-date expertise and knowledge.    [![facebook icon](https://www.koroll.ca/hubfs/2023/square-facebook.svg)](http://www.facebook.com/korollandcompany) [![linkedin icon](https://www.koroll.ca/hubfs/2023/linkedin.svg)](https://www.linkedin.com/company/allen-h.-koroll-c.a.-professional-corporation) [![twitter icon](https://www.koroll.ca/hubfs/2023/twitter-x-white.svg)](https://twitter.com/KorollandCo) ### Contact [38 Prospect Street Newmarket Ontario L3Y 3S9](https://www.google.com/maps/place/Koroll+%26+Company+Chartered+Professional+Accountants+Professional+Corporation/@44.0593338,-79.4562737,17z/data=!3m1!4b1!4m2!3m1!1s0x882ad2096531cf1d:0x7bf5f55f9fcb9b00?hl=en-US) [905-898-4231](tel:+19058984231) [![Contact Us](https://no-cache.hubspot.com/cta/default/1577306/f8ffd2cd-cfd6-4927-b6ec-0b5e267faf4c.png)](https://cta-redirect.hubspot.com/cta/redirect/1577306/f8ffd2cd-cfd6-4927-b6ec-0b5e267faf4c) Copyright 2026 | [Privacy Policy](https://www.koroll.ca/privacy-policy) | [Terms & Conditions](https://www.koroll.ca/terms-conditions) | Created by [The Brit Agency](https://www.thebritagency.com/) [[fa icon="chevron-up"]](https://www.koroll.ca/koroll-and-company-blog/the-final-2019-tax-planning-tool-rrsps#)