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These tables outline the annual money purchase (MP), defined benefit (DB), registered retirement savings plan (RRSP), deferred profit sharing plan (DPSP), advanced life deferred annuity (ALDA), tax-free savings account (TFSA) limits, year's maximum pensionable earnings (YMPE) and the year's additional maximum pensionable earnings (YAMPE).
- Overview
- Topics
An RRSP is a retirement savings plan that you establish, that we register, and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce your tax.
Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan. You generally have to pay tax when you receive payments from the plan.
•Setting up an RRSP
How to set up an RRSP
•Contributing to an RRSP, PRPP or SPP
Making contributions to an RRSP, PRPP or SPP for you or for your spouse or common-law partner and claiming the deduction
•Transferring
Retiring allowances, lump-sum payments, transfer of property, commutation payments
Your registered retirement savings plan (RRSP) deduction limit, is the maximum amount you can deduct from contributions made to your RRSPs, PRPP, SPP and to your spouse’s or common-law partner’s RRSP or SPP for a year.
The amount of RRSP contributions you can deduct for 2020 is your 2020 RRSP deduction limit, which is the amount next to the letter (A) in the sample statement. The CRA determines your 2020 limit using information from your 2019 tax return, plus any unused RRSP contribution room carried forward from previous years.
Jan 2, 2024 · RRSP contribution limit. The total amount you can contribute to your RRSP each year is made up of your contribution limit for the current year plus any "carry-forward" contribution room from previous years. Your RRSP contribution limit for 2024 is 18% of earned income you reported on your tax return in the previous year, up to a maximum of $31,560.
For 2020, the dollar limit is $27,230. You can contribute any time during the current year or in the first 60 days of the following year. Check your contribution limit any time by visiting My Account or MyCRA on the Canada Revenue Agency website.
People also ask
What is the annual RRSP contribution limit?
What is the RRSP contribution limit for 2024?
How much can I contribute to my RRSP in Canada?
How do I Check my RRSP contribution limit?
What is the RRSP deduction limit?
What happens if I don't make the maximum RRSP contribution?
The annual RRSP contribution limit depends on your earned income from the prior year and, if applicable, the deemed pension benefit (from your employer pension plan) from the prior year. Here’s a two-step calculation to determine your current RRSP contribution limit:
