How much can I contribute to my RRSP?

2007, 2008, 2009 RRSP deduction limit

You determine your limit from information on your previous year's returns, and from information we keep on record. If any of that information changes, your RRSP deduction limit may also change. In most cases, the cra will inform you of any change to your RRSP deduction limit.

Note
The maximum RRSP deduction limit for 2006 is $18,000. However, if you did not use all of your RRSP deduction limit for the years 1991-2005, you can carry forward the unused amount to 2006. Therefore, your RRSP deduction limit for 2006 may be more than $18,000.

The maximum RRSP deduction limit for subsequent years is as follows:

·      2007 - $19,000;

·      2008 - $20,000;

·      2009 - $21,000; and

·      2010 - $22,000.

How much can I contribute to my RRSP?

Generally, the amount you can contribute to your own RRSPs or your spouse's RRSPs, or your common-law partner's RRSPs for a given tax year without tax implications is determined by your RRSP deduction limit. This is often called your “contribution room”. Amounts that you contribute above this limit may be considered excess contributions.

Your RRSP deduction limit is shown on the latest Notice of Assessment, Notice of Reassessment, or on a T1028, Your RRSP Information for 2006, that was sent you after processing your 2005 return.