RRSP contribution

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web2000
Member since: May 06

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Posted on: 20-04-09 11:30:35

My assumption is that RRSP contribution is 18% of the income which can be carried forward. Is there any upper limit beyond which I cannot contribute, e.g. I have accumulated RRSP contribution room over $20000 over years. Can I contribute to the full amount of my contribution room in any taxation year or there is any limit on contribution per year?

Thanks in advance

Pramod Chopra
Member since: Sep 03

Posts: 1284
Location: Pickering, ON
Post ID: #PID

Posted on: 20-04-09 22:48:39

Quote:
Originally posted by web2000

My assumption is that RRSP contribution is 18% of the income which can be carried forward. Is there any upper limit beyond which I cannot contribute, e.g. I have accumulated RRSP contribution room over $20000 over years. Can I contribute to the full amount of my contribution room in any taxation year or there is any limit on contribution per year?

Thanks in advance

There is no upper limit for the contribution and You can contribute up to your contribution room no matter what the amount is. Similarly, you can claim deductions only for that amount which is beneficial for you and carry forward undeducted contributions to claim in future years when it is beneficial to do so.

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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

web2000
Member since: May 06

Posts: 849
Location:
Post ID: #PID

Posted on: 21-04-09 13:10:18

Thanks for the explanation.

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