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.
RRSPs were created in 1957 as part of the Canadian Income Tax Act.They are registered with the Canadian government and overseen by the Canada Revenue Agency (CRA), which sets rules governing annual contribution limits, contribution timing, and what assets are allowed. RRSPs have two main tax ...
Registered Retirement Savings Plans were created in 1957 as part of the CanadianIncome Tax Act. They are registered with the Canadian government and overseen by the Canada Revenue Agency (CRA), which sets rules governing annual contribution limits, contribution timing, and what assets are allowed. ...
For example, if you’ve only recently started working, you may not have enough contribution room to participate in the plan. To find out whether you have contribution room, take a look at last year’s Notice of Assessment or log into your CRA My Account. Frequently asked questions about ...
2025 Contribution Limit:$7,000 (check your total room on your CRA account). RRSP Benefits (2025) Tax—Deferred Growth:You don’t pay tax on investment gains until withdrawal. Lower Taxable Income:Contributions reduce your taxable income, lowering your tax bill today. ...