Maximum RRSP contribution

How much can you contribute to your RRSP?

Contributions at a glance

Determine your contribution limit

To find out the maximum amount you can contribute to your RRSP for the current year, refer to the notice of assessment that the Canada Revenue Agency sent you after you filed your tax return.

18% of the income you earned in the previous year

The maximum amount you can contribute to your RRSP is 18% of your earned1 income or the maximum annual contribution limit for the taxation year ($27,830 for 2021), whichever is lower. That said, there are a few other factors that can affect your contribution limit.

3 factors that can affect your contribution limit

Unused contribution room

If you haven’t contributed the maximum to your RRSP in previous years, this unused contribution room will be added to your maximum contribution amount. You can find your unused contribution room on your most recent notice of assessment from the Canada Revenue Agency.

Pension plan contributions

If you contributed to a pension plan or deferred profit sharing plan (DPSP) through your employer during the previous year, your RRSP contribution room is reduced. The Canada Revenue Agency calculates this reduction for you. You can find it on your notice of assessment.

Excess contributions

If you go over your contribution limit by $2,000 or less, the CRA allows you to keep the money in your RRSP without penalty. If you over-contribute by more than $2,000, you will have to pay a tax of 1% for each month that the excess amount remains in your RRSP.

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Little details that matter

RRSP contribution limits

Year Contribution limits
2018 $26,230
2019 $26,500
2020 $27,230
2021 $27,830

Legal disclaimer

1. Income earned includes salaries and commissions, rental income and income from some other sources, but notably excludes investment income.

The elements presented in this text are given for information purposes only. These elements do not create any legal or contractual obligation for the National Bank and/or the entities of its group. You agree to validate the applicability and the advantageous nature of these elements with your advisor, accountant, tax specialist, or other tax planner, as the case may be.

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