How much can I contribute?

Generally, the amount you can contribute to your own RRSPs or your spouse's RRSPs, or your common-law partner's RRSPs for a given tax year without tax implications is determined by your RRSP deduction limit. This is often called your “contribution room”. Amounts that you contribute above this limit may be considered excess contributions.

Your RRSP deduction limit is shown on the latest Notice of Assessment, Notice of Reassessment, or on a T1028, Your RRSP Information for 2006, that we sent you after processing your 2005 return.

You can also find out about your contribution room by registering for My Account. Once you've registered and received your password, you can sign in and access your RRSP Deduction Limit Statement online.

Calculating your 2006 RRSP deduction limit

We determined your limit from information on your 2005 and previous year's returns, and from information we keep on record. If any of that information changes, your 2006 RRSP deduction limit may also change. In most cases, we will inform you of any change to your 2006 RRSP deduction limit.

Note
The maximum RRSP deduction limit for 2006 is $18,000. However, if you did not use all of your RRSP deduction limit for the years 1991-2005, you can carry forward the unused amount to 2006. Therefore, your RRSP deduction limit for 2006 may be more than $18,000.

The maximum RRSP deduction limit for subsequent years is as follows:

• 2007 - $19,000;
• 2008 - $20,000;
• 2009 - $21,000; and
• 2010 - $22,000.

If you want to calculate your contribution room yourself, see pages 12 and 13 of Guide T4040, RRSPs and Other Registered Plans for Retirement.

Glossary

List of definitions related to this topic.

Forms and publications

• RRSPs and Other Registered Plans for Retirement guide (T4040)
• IC72-22R9 Registered Retirement Savings Plans
• IT124R6 Contributions to Registered Retirement Savings Plan