How do the RRSP contribution carry forward rules work? + MORE Jan 17th

If I have $25,000 contribution room left in my RRSP, can I take that all at once plus my regular RRSP contribution of $27,230 for the tax year 2020? Effectively making a contribution of $57,230 to my RRSP?— Lorraine

The rules around RRSP contribution room 

As soon as a taxpayer starts to earn income—like employment income, self-employment income, royalties, research grants or net rental income—they accumulate room for their registered retirement savings plan (RRSP). There are no age limits, so a teenager with a part-time job can start to build their RRSP room as long as they file a tax return to report their earned income. 

How does RRSP carry forward work?

Your RRSP room carries forward, meaning the amount is cumulative. So, 18% of your earned income for the previous year, up to the current year’s maximum contribution limit, becomes your RRSP room for the year. For 2022, the maximum is $29,210 for taxpayers with at least $162,278 of earned income in 2021. This gets added to any previously unused RRSP room from the past…

In my last post I reviewed the returns of my model ETF portfolios in 2021. Now let’s take a look at how the TD e-Series index mutual funds performed during the year. We’ll start with the returns of the four individual building blocks. A reminder that published mutual fund returns are always net of fees, and they assume all distributions are reinvested. Fund nameFund code2021 return TD Canadian…
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