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Go Back   Canadian Financial Forums > Canadian Financial Forums > Retirement, RRSP & CPP

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  #1  
Old 06-16-2008, 08:24 PM
donner donner is offline
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Join Date: Jun 2008
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Default How much can I contribute to RRSP per year?

Hi,

I'm new here and I have a question about RRSP. If I open an RRSP account, how much can I contribute each year?



Thanks
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  #2  
Old 06-16-2008, 08:42 PM
Canadian Canadian is offline
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Your personal RRSP deduction limit is shown on the Notice of Assessment sent to you by Revenue Canada. The maximum RRSP deduction limit for 2007 was $19,000, and the 2008 limit is $20,000. Keep in mind that if you haven't used your entire RRSP deduction limit between 1991 and 2007, you can carry forward the unused amount to 2008, effectively making the limit more than $20,000.
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  #3  
Old 06-11-2009, 02:22 PM
Tightwod Tightwod is offline
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Just wanted to add that It is the lesser of 18% of your earned income to a maximum of, as Canadian said 21,000.00 for 2009. + any Unused contribution limit (Notice of assessment). Also if you have a company pension your limit will be reduced by the amount your employer deems as your Pension Adjustment. Check your Notice of assesment and then calculate what it would be based on your income for 2009.
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