Contributions to a Registered Retirement Savings Plan (RRSP) are tax deductible. Your RRSP contribution limit will appear on your Notice of Assessment from the prior year or you can go online using the ‘My Account’ feature on the Canada Revenue Agency’s (CRA’s) website.

The contribution limit is calculated by taking 18% of your prior year’s earned income (to a maximum defined by CRA each year) less any pension adjustments (from the prior year).  If you had any RRSP room carried forward from prior years, that amount should be added.

For more information on contributing to an RRSP, please visit the CRA website (www.cra-arc.gc.ca).