How to figure out your RRSP contribution limit
To see your current RRSP contribution limit, including value carried forward, look at your most recent notice of assessment from the Canada Revenue Agency (CRA). You get this notice of assessment after filing your tax return.
You can also view your limit using CRA’s My Account. (If you don’t already have a log in, get one! It will make your life much easier come tax time.)
Who can contribute to an RRSP?
You can contribute to an RRSP if you:
Have earned income
Have a social insurance number
Filed a tax return
Have RRSP contribution room available
Are under 71. The end of the year that you turn 71 is your last opportunity to contribute.
Figuring out how much to contribute to your RRSP is important. Do it right, and you maximize your tax savings now, while setting yourself up for a good income after retirement. Do it wrong, and you could find yourself paying more taxes than you have to.
Author: The Link Between
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