Contribution Limits

You may contribute to your RRSP until December 31 of this year in which you reach age 69. The following limits and deadlines apply.

Maximum Annual RRSP Contribution Limits

Year Contribution
2005 $16,500
2006 $18,000
2007 $$19,000
2008 $20,000
2009 $21,000
2010 $22,000

Your Allowable RRSP contribution for the current year is the lower of:

  • 18% of your year earned income from the previous year, or
  • The maximum annual contribution limit for the taxation year or

  • The remaining limit after any company sponsored pension plan contributions.

    • Earned income includes salary wages, alimony received, and rental income, among other income sources, but does not include items such as investment income.

    You'll find the exact amount you can contribute to your RRSP for the current year on the Notice Assessment you receive from Canada Revenue Agency after they process your previous year's tax return.

    Company Pension Plan or Deferred Profit Sharing Plan

    As a member of a company-sponsored registered pension plan or deferred profit sharing plan, the amount that you can contribute to your RRSP must be reduced by the total value of the pension credits you earned for the year.

    This amount is referred to as a pension adjustment (PA) and it is reported on the T4 slip (Statement of Remuneration Paid) that you receive from the employer.

    Annual Contribiution Deadline - To be eligible for an RRSP deduction in a specific taxation year, you can make contributions anytime during the year, or up yo 60 days into the following year.