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 contribution you can make to your RRSP is 18% of your previous year's income or the current fixed contribution limit ($31,560 for 2024).

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.

Tip

Looking for an easy way to save? Automate your savings with a systematic savings plan.

Little details that matter

Year	Contribution limits
2018	$26,230
2019	$26,500
2020	$27,230
2021	$27,830
2022	$29,210
2023	$30,780
2024	$31,560

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.