REGISTERED RETIREMENT SAVINGS PLAN CONTRIBUTION LIMITS
| |
2020 |
2021 |
2022 |
2023 |
2024 |
| Maximum contribution |
$27,230
|
$27,830
|
$29,210
|
$30,780
|
$31,560
|
| Earned income required in the prior year1 |
$151,278
|
$154,611
|
$162,278
|
$171,000
|
$175,333
|
|
1RRSP contribution room for a year is equal to unused contribution room from prior years plus the lesser of (a) 18% of the previous year's earned income and (b) the current year's maximum contribution limit. The maximum contribution limit is reached when the previous year's earned income equals the amount above. |
|
Common inclusions of "Earned Income" are:
Employment income net of employment expenses.
Business income.
Rental Income.
Taxable alimony, maintenance and child support. |
TAX-FREE SAVINGS ACCOUNT CONTRIBUTION LIMITS
| |
2009-2012 |
2013-2014 |
2015 |
2016-2018 |
2019-2022 |
2023 |
2024 |
Cumulative to 2024 |
| Annual contribution limit |
$5,000
|
$5,500
|
$10,000
|
$5,500
|
$6,000
|
$6,500
|
$7,000
|
$95,000
|
|
Other Tax Facts
Tax Rates:
RRSP Contribution Limits
CPP and EI Contributions
Automobile Deductions and Benefits
Average Foreign Exchange Rates:
|
