The RRSP deadline for 2010 is March 1 for your 2009 tax return. You can, however, invest money into an RRSP anytime you want.

You can contribute as much as you want to an RRSP, but how much you can deduct from your taxable income depends on your earned income.

Your RRSP deduction is based on your prior year's earned income. The federal government, through the Income Tax Act, has prescribed maximum limits on how much a Taxpayer may contribute to an RRSP and deduct from taxable income in a given year. The formula to calculate your maximum RRSP contribution is:

18% of earned income for the prior year
( Up to the maximum amount for the current year )

MINUS

Pension Adjustment for the prior year and Past Service Pension Adjustment

PLUS

Pension Adjustment Reversal

For more information on what qualifies as earned income, check out our free ebook, The RRSP: "Understanding all the Basics" or visit your branch or call 1-866-592-2226 today to get professional advice and guidance from a Financial Coach.

If you do not claim your maximum RRSP deduction, you can carry forward the unused deduction room indefinitely. Your Notice of Assessment from Canadian Revenue Agency (CRA) will let you know how much you have carried forward and add it to your current year's deduction allowance, to let you know what your maximum RRSP deduction for the current year.

If you do not have the cash to contribute now, consider a RRSP loan, or keep in mind you can make larger catch-up contributions in future years.

But remember, the earlier you start, the longer your money can earn compound interest, making the money you invest go further.

Part or all of your RRSP deduction limit can be contributed to RRSPs for your spouse.

Any amount that you contribute to RRSPs for your spouse are subject to an attribution period of three years.

Tip: If one spouse will be in a higher tax bracket in retirement, as much of the RRSP funds as possible should be accumulated in the name of the spouse who will be in the lower bracket. The income eventually created from the funds will then be taxed at that spouse's lower tax rate. For more information on how to best allocate and plan for you and your spouse's retirement, contact a Meridian financial Coach.

Income tax legislation defines the term "spouse" to be a person of the opposite sex who is a party to a legal marriage.

The term 'common-law partner' is defined as two persons, regardless of sex, who cohabit in a conjugal relationship and who have cohabited throughout the 12 month period that ends at the time. This period can be less than 12 months if both partners are the natural or adoptive parents of the same child, or if one common-law partner has a child who is wholly dependent on the other for support and over whom the other has custody.

The term 'common-law partner' does not apply if at the particular time the individuals were separated for 90 days or more due to a breakdown of the conjugal relationship.

Yes. To set up a spousal RRSP, your spouse applies for a plan in his or her name, even though your spouse may not have any earned income. Although you make the contributions to the plan, the assets of the plan belong to your spouse.

Even if you are over 71, you can still contribute to an RRSP for your spouse until the end of the calendar year in which your spouse turns 71.

Remember, having RRSP funds in both spouses' names will ensure that both of you can qualify for the pension income credit by age 65.