The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
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What’s my RRSP contribution limit?
– moneysense.ca
Your RRSP contribution limit is the maximum amount you can add to your registered retirement savings plan each year without triggering penalties. It’s based on your unused RRSP deduction room plus 18% of your previous year’s earned income, up to the annual CRA limit.
Use our RRSP contribution limit calculator below to find your exact number for this year.
TL;DR RRSP contribution rules, explained
Every year, the government announces the annual contribution limits for RRSP accounts.
Your RRSP contribution limit is based on your previous year’s income and past contribution amount.
If you don’t fully contribute to your RRSP, you can carry over the limit and contribute more than what’s allowed for the following year.
If you’re part of an employer pension plan, your RRSP contribution room is reduced by a “pension adjustment” (PA). You can find this number on your T4.
What’s an RRSP?
A registered retirement savings account (RRSP) is just one of many ways you can save for retirement…
