This year’s RSP contribution deadline is March 1, 2021
Does your client want to contribute or open a new policy this Retirement Savings Plan (RSP) season? Here are some important things to remember.
Deposits to Existing Policy
- Clients can make online deposits to Equitable Life® through their financial institution’s online banking service. Online deposits must be made and have a date stamp by March 1, 2021 to qualify for a 2020 tax receipt.
- Clients can also make a new deposit to an existing policy by cheque. The cheque must be dated and signed by March 1, 2021. Equitable Life must receive the cheque no later than March 15, 2021.
Issuing New Policy using Paper Application
- For contributions to qualify for the first 60 days, all paperwork must be completed and signed by March 1, 2021. Equitable Life must receive all paperwork by March 15, 2021.
Issuing New Policy with EZcomplete®
- All online applications must be digitally signed and submitted and have a date stamp no later than March 1, 2021.If online banking is being used to fund the policy – either topping up an existing policy or opening a new policy – the online banking transaction must be completed by March 1, 2021 to receive a 2020 tax receipt.
Please note that cheques and other paperwork cannot be backdated. They must be completed and signed by March 1, 2021 to qualify for a 2020 tax receipt.
For more information, please contact your Regional Investment Sales Manager or call Advisor Services Monday to Friday 8:30 a.m. to 7:30 p.m. ET at 1.866.884.7427 or email firstname.lastname@example.org.