RRSP Contribution Limit

The RRSP contribution limit for the 2023 taxation year is 18% of earned income you reported on your tax return in the previous year, up to a maximum of $30,780.

For the 2024 taxation year, the RRSP contribution limit would be a maximum of $31,560.

You can carry forward the RRSP contribution room that you are unable to use in any particular year. You can do this until you turn 71 and can no longer have an RRSP account.

You can claim RRSP contributions made during the first 60 days of 2024 as a deduction from income for the 2023 taxation year. The deadline for 2023 contributions is Friday, March 1, 2024.

RRSP contributions received after March 1, 2024, are not eligible for deduction for the 2023 taxation year.