How much can I contribute?
The RRSP contribution amount is the lesser of the two following items:
- 18% of your earned income in the previous year
- The annual RRSP limit (see limit on CRA Website)
Any unused RRSP contributions will carry forward year-over-year and can be found on your previous year's Tax Assessment or online through MyAccount with the Canada Revenue Agency (CRA).
Is there a deadline to contribute?
The deadline to make an RRSP contribution eligible for the previous year’s tax deduction is 60 calendar days into the new year. For your 2024 contribution, the deadline is March 3, 2025. To ensure your contribution is processed on time, we recommend making your deposit at least 7 business days before the deadline.
Disclaimer:
The information provided is intended for informational purposes only and does not constitute financial, tax, or investment advice. Contributions to an RRSP may reduce your taxable income, but it is essential to verify your contribution limits and tax situation with the Canada Revenue Agency (CRA). The value of investments can fluctuate, and past performance is not indicative of future results. Please consult with a tax professional or financial advisor for advice tailored to your specific circumstances.
