The 2023 RRSP Contribution
Deadline is March 1

It’s that time of year again! The 2023 RRSP contribution deadline is March 1, which means it’s a great time to get a handle on your financial well-being, and one way to do this is by opening up an online trading account with one of Canada’s online brokerages.

Sparx Trading is your source for exclusive Canadian online brokerage deals to help power up your new or existing RRSP account.

Use one of our promo codes today to open up an account and level up your self-directed investing journey!

NATIONAL BANK DIRECT BROKERAGE PROMO

National Bank Direct Brokerage is offering $0 commission on Canadian and US stocks and ETFS.

Activate Promo Code

WEALTHSIMPLE TRADE SIGN UP BONUS

Wealthsimple Trade is offering a $25 bonus to new accounts after a $150 deposit with an exclusive offer available on SparxTrading.com.

Activate Promo Code

QTRADE PROMO CODE: CASH BACK

Qtrade Direct Investing is offering up to $2,000 cash back for individuals who open a new qualifying account with the Qtrade offer code available on SparxTrading.com.

Activate Promo Code

QTRADE PROMO CODE: $50 BONUS

Get a $50 cash bonus when you open a new account at Qtrade Direct Investing using the code available via SparxTrading.com and make a contribution of at least $1,000.

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QUESTRADE PROMO CODE

Questrade is offering a deal for individuals opening an online trading account. Use the following Questrade offer code available on SparxTrading.com to get a $50 commission credit, with a bonus of 60 days to use the credit.

Activate Promo Code

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Frequently Asked Questions

When is the 2023 RRSP contribution deadline?

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The 2022 RRSP contribution deadline is March 1, 2023.

What does an RRSP deadline mean?

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A registered retirement savings plan (RRSP) is a special tax-advantaged savings plan that is typically used to encourage Canadians to save and grow wealth for retirement. The “RRSP Deadline” refers to the last day you have to contribute to your RRSP and have the contribution be eligible to be counted for the previous tax year (in this case the 2022 tax year). Typically, that falls within the first 60 days of a new year.

What is the maximum RRSP contribution amount for 2023?

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According to the CRA, the RRSP contribution limit for tax year 2022 is 18% of your previous year’s income, up to a maximum of $29,210. The RRSP contribution limit for 2023 is $30,780. Be aware, however, that exceeding the contribution limit in any year can result in penalties, so be sure to check your contribution amounts with your tax consultant and/or the CRA website.

Can I trade stocks online in my RRSP?

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Yes, stocks can be traded within an RRSP, however, it is important to understand which stocks are eligible to be held inside an RRSP account. Technically, the term that is used is “qualified investments” which essentially means these are the kinds of investments that are permitted to be held or traded within an RRSP. As it relates to trading stocks, however, the stocks have to be traded on a “designated stock exchange” in order to be allowed to be held in an RRSP.

Are there online brokerage promotions for RRSP accounts?

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Yes, leading up to the RRSP contribution deadline, Canadian online brokerages typically offer promotions and deals to compete for new customers or new deposits/assets. Cash back promotions are the most popular offers in 2023, and are a great way to boost your return on investment simply by opening and funding an account. Some online brokerages even offer promotions to existing customers to encourage deposits.

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