CRA My Account

Registered Retirement Savings Plan (RRSP) Contribution Limit

Knowing your Canada Registered Retirement Savings Plan (RRSP) contribution limit is important for a number of reasons, including the following:

  1. Maximizing tax savings: Your RRSP contributions are tax-deductible, meaning that they reduce your taxable income for the year. Knowing your RRSP contribution limit can help you maximize your tax savings by ensuring that you contribute the maximum amount allowed.
  2. Planning for retirement: Your RRSP is an important tool for retirement planning, and knowing your contribution limit can help you plan and save for your retirement more effectively.
  3. Avoiding penalties: If you exceed your RRSP contribution limit, you may be subject to penalties and taxes. Knowing your contribution limit can help you avoid these penalties and stay within the legal limits.
  4. Managing cash flow: Knowing your contribution limit can help you manage your cash flow by allowing you to plan your contributions over the course of the year, rather than making a large lump sum contribution at the last minute.
  5. Making informed financial decisions: Knowing your RRSP contribution limit is a key piece of information that can help you make informed financial decisions about your retirement savings and overall financial planning.

Once you are signed in to your CRA My Account, you can check your current RRSP Contribution Limit.

Step 1 - Overview Screen

Step 2 - Deduction Limit

Step 3 - Unused Contributions

Tax-Free Savings Account (TFSA) Contribution Limit

Knowing your Canada Tax-Free Savings Account (TFSA) limit is important for several reasons, including the following:

  1. Maximizing tax-free savings: Your TFSA contributions are not tax-deductible, but any investment income or capital gains earned within the account are tax-free. Knowing your TFSA contribution limit can help you maximize your tax-free savings by ensuring that you contribute the maximum amount allowed.
  2. Planning for short-term and long-term financial goals: Your TFSA is a flexible savings vehicle that can be used for short-term and long-term financial goals, such as saving for a down payment on a home or for retirement. Knowing your contribution limit can help you plan and save for these goals more effectively.
  3. Avoiding penalties: If you exceed your TFSA contribution limit, you may be subject to penalties and taxes. Knowing your contribution limit can help you avoid these penalties and stay within the legal limits.
  4. Managing cash flow: Knowing your contribution limit can help you manage your cash flow by allowing you to plan your contributions over the course of the year, rather than making a large lump sum contribution at the last minute.
  5. Making informed financial decisions: Knowing your TFSA contribution limit is a key piece of information that can help you make informed financial decisions about your savings and overall financial planning.

Once you are signed in to your CRA My Account, you can check your current TFSA Contribution Limit.

Step 1 - Overview Screen

Step 2 - Tax Free Savings Account (TFSA)

Step 3 - TFSA Details

Do you have any questions about your contribution limits?

If you have questions about either your RRSP or TFSA contribution limits, please fill out the form below to contact our office and we would be happy to help.