Registered Retirement Savings Plan (RRSP)
The annual RRSP limit for 2024 is $31,560.
Deadline to contribute is March 3, 2025.
The Canada Revenue Agency calculates your RRSP deduction limit as follows:
Your unused deduction room at the end of the preceding year plus
The lesser of the two items:
- 18% of your earned income in the previous year
- The annual RRSP limit (2024 is $31,560)
Pension adjustments (PA), pension adjustment reversals (PAR) and past service pension adjustments (PSPA) are also calculated in the deduction limit.
For more details on who can contribute to an RRSP, penalties, and other RRSP information, please click on the link.
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