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, and for the 2021 taxation year, the RRSP contribution limit is $27,830.

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

You can claim RRSP contributions made during the first 60 days of 2020 as a deduction from income for the 2019 taxation year. The deadline for 2019 contributions is Monday, March 2, 2020, as February 29, 2020, falls on a Saturday.

RRSP contributions received after March 2, 2020, are not eligible for deduction for the 2019 taxation year.

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