What are the RRSP deduction limits?
Your
Notice of Assessment from Revenue Canada, received after filing your tax return,
will state your RRSP deduction limit for the following year. Any time after receiving
this Notice, you can also phone the Revenue Canada TIPS line 1.800.267.6999 to
confirm your deduction limit. The greater the future benefits provided by your
pension plan, the less you will be able to deduct as a RRSP contribution. This
is to create equality in the tax-sheltered retirement benefits available to all
taxpayers, regardless of their type of pension plan, whether they are self-employed,
or employed but have no pension plan. Contribution Limits 18%
of previous year's earned income or $19,000 less pension adjustment, whichever
is less. To find out the exact amount of contribution room you have available,
call the Canada Customs & Revenue Agency at 1.800.267.6999 and remember to
have your Social Insurance Number, birth date and income recorded on Line 150
of your Tax Return ready. Pension Plan members, please deduct the pension
adjustment amount from your calculated RRSP contribution limit.
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