RRSP Contribution Limit

The RRSP contribution limit for the 2019 taxation year is 18% of earned income you reported on your tax return in the previous year, up to a maximum of $26,500.

For the 2020 taxation year, the RRSP contribution limit would be a maximum of $27,230.

You can carry forward RRSP contribution room that you are unable to use in any particular year. This unused contribution room can be carried forward indefinitely - well, at least until you turn 71 years of age and can no longer have an RRSP account.

RRSP Contribution Deadline

RRSP contributions made during the first 60 days of 2020 may be claimed as a deduction from income for the 2019 taxation year. The deadline for 2019 contributions is February 29, 2020.

RRSP contributions received after February 29, 2020, are not eligible for deduction for the 2019 taxation year.
Sunrise Credit Union can help with setting up your RRSP, and other Wealth Building Tips.
 

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