RRSP Contribution Limit

The RRSP contribution limit for the 2020 taxation year is 18% of earned income you reported on your tax return in the previous year, up to a maximum of $27,230.

For the 2021 taxation year, the RRSP contribution limit would be a maximum of $27,830 and for the 2022 taxation year, the RRSP contribution limit is $29,210.

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 2021 as a deduction from income for the 2020 taxation year. The deadline for 2020 contributions is Monday, March 1, 2021.

RRSP contributions received after March 1, 2021, are not eligible for deduction for the 2020 taxation year.
 

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