Your RRSP contribution limit caps the amount of money you can invest in your registered retirement savings plan; usually the limit is 18% of your reported income from the previous year.
Unlike an RRSP, you do get your contribution room back every year with a TFSA. Therefore, in January – when we receive the new TFSA contribution room – I move the correct amount of investments from our taxable account into the TFSA to fill up the new contribution room (currently that...