Your RRSP contribution limit is the maximum amount you can put into your registered retirement savings plan in a year without facing penalties. It’s calculated from your unused RRSP deduction room plus 18% of your previous year’s earned income, capped by the annual limit set by the Canada Revenue Agency (CRA).
Use our RRSP contribution limit calculator below to determine your exact limit for this year.
TL;DR — RRSP contribution rules, explained
- Each year, the government sets the annual RRSP contribution limit.
- Your personal RRSP contribution room depends on your prior year’s income and previous contributions.
- Unused contribution room carries forward, allowing you to contribute more in future years than the yearly maximum.
- If you participate in an employer pension plan, a pension adjustment (PA) reduces your RRSP room; you can find this figure on your T4.
What is an RRSP?
A registered retirement savings plan (RRSP) is a tax-advantaged account designed to help you save for retirement. Financial institutions offer RRSPs and you can fund them with cash, GICs, mutual funds, ETFs, bonds, and stocks.
You can hold an individual, spousal, or group RRSP:
- An individual RRSP gives you control of the investments and the right to claim the tax deduction. You can also contribute to a spouse’s RRSP and claim the deduction yourself.
- A group RRSP is managed by your employer and can be funded through payroll deductions you authorize.
Remember: contributions go into the RRSP before tax, so withdrawals are taxed when taken out in retirement.
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RRSP contribution limits by year
Annual RRSP limits are updated to reflect inflation and policy changes. Because RRSP contributions reduce taxable income, knowing the current limit and your personal contribution room is important when planning your taxes and retirement savings.
| Tax year | Contribution limit |
|---|---|
| 2026 | $33,810 |
| 2025 | $32,490 |
| 2024 | $31,560 |
| 2023 | $30,780 |
| 2022 | $29,210 |
| 2021 | $27,830 |
| 2020 | $27,230 |
| 2019 | $26,500 |
| 2018 | $26,230 |
| 2017 | $26,010 |
| 2016 | $25,370 |
| 2015 | $24,930 |
| 2014 | $24,270 |
RRSP deadline this year: March 2, 2026
The RRSP contribution deadline is always 60 days into the new calendar year. Because March 1, 2026 is a Sunday, the CRA’s deadline for contributions for the 2025 tax year is Monday, March 2, 2026.
Where to find your RRSP contribution limit
While online calculators can estimate your contribution room, the CRA provides the official figure. You can check your limit by:
- Logging into your CRA My Account: View your deduction limit, notices of assessment, and other tax details.
- Reviewing your Notice of Assessment: This document, issued after your tax return is processed, shows your RRSP deduction limit and unused contribution room.
- Calling the Tax Information Phone Service (TIPS): Have your Social Insurance Number and recent tax return information ready.
- Checking your RRSP Deduction Limit Statement: Your latest notice of assessment or reassessment lists your available room.
What happens if you over-contribute?
If you over-contribute by more than $2,000, you may face a penalty tax. The usual penalty is 1% per month on the excess amount until it is withdrawn or otherwise resolved. To stop further penalties, you should withdraw the excess contribution as soon as possible or correct the situation with the CRA.
Age limit for RRSP contributions
Anyone with earned income can open and contribute to an RRSP, but contributions must stop by December 31 of the year you turn 71. At that point you must either cash out your RRSP, convert it to a registered retirement income fund (RRIF), or purchase an annuity. Spousal RRSP contributions follow the same rule based on your spouse’s or partner’s age.
Eligible investments for an RRSP
The CRA permits a wide range of investments inside an RRSP, including:
- Cash: Savings, chequing balances and money-market mutual funds are eligible. Note that cryptocurrency is not an RRSP-eligible asset.
- Guaranteed Investment Certificates (GICs): Fixed-term investments that pay guaranteed interest; terms and rates vary.
- Mutual funds: Pooled funds that invest across stocks, bonds or other assets; fees differ by management style.
- Exchange-traded funds (ETFs): Funds that track indexes and trade on stock exchanges, available in both passive and active forms.
- Bonds: Government or corporate loans that pay interest; typically held directly or via funds.
- Stocks (equities): Shares listed on recognized stock exchanges are generally allowed.
- You can open an RRSP at banks, credit unions, trust companies, discount brokers, or through robo-advisors depending on whether you prefer in-person support or a self-directed online experience.
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Other uses for RRSP funds
You can withdraw RRSP funds at any time, but withdrawals are taxed. Two notable exceptions let you withdraw tax-deferred: the Home Buyers’ Plan (HBP) and the Lifelong Learning Plan (LLP).
The Home Buyers’ Plan (HBP) allows eligible first-time home buyers to withdraw up to $60,000 from their RRSP (or $120,000 for a couple) to use toward a qualifying home purchase. Withdrawals under the HBP are not taxed at the time, but you must repay the amount to your RRSP over 15 years, beginning two years after the withdrawal.
The Lifelong Learning Plan (LLP) permits withdrawals of up to $10,000 per year (and up to $20,000 in total) to help cover full-time education for you or your spouse/common-law partner. LLP funds must be repaid to the RRSP within a specified schedule—generally within 10 years—starting two years after your last eligible withdrawal or five years after your first withdrawal, whichever applies.
Note: HBP and LLP withdrawals do not reduce your RRSP contribution limit and do not generate new contribution room.
Frequently asked questions
How much can I contribute to an RRSP?
You can contribute up to 18% of your previous year’s earned income, subject to the annual CRA limit and any unused contribution room carried forward from prior years.
Is it wise to max out an RRSP?
Maxing out an RRSP can be a sensible way to reduce taxable income and build retirement savings, but whether it’s right for you depends on your overall financial plan. Consider talking to a financial advisor about your goals, tax situation, and other savings needs.
How much will I get back if I contribute $10,000 to an RRSP?
Contributing $10,000 does not give you a direct refund; rather, it reduces your taxable income by $10,000 for the year, which typically lowers the taxes you owe or increases a tax refund depending on your circumstances.
What is the 4% rule for RRSPs?
The 4% rule is a guideline for sustainable retirement withdrawals: withdraw 4% of your retirement savings in the first year, then adjust that amount for inflation each year. It’s a rule of thumb, not a guarantee, and should be applied based on your personal risk tolerance and financial plan.
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