Page 73 - A Canuck's Guide to Financial Literacy 2020
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Year RRSP dollar limit
2021 $27,830
2020 $27,230
2019 $26,500
2018 $26,230
2017 $26,010
2016 $25,370
Determining Contribution Room
The easiest way to confirm your RRSP contribution room is to look at your Notice of
Assessment to which the CRA sends to you when you file your taxes or visit your CRA
Account. Alternatively, an individual can do it manually by taking into account their current
contribution limit.
Example: Calculating Contribution Room for $2020
Current Contribution Limit
Minus (-)
Pension Adjustment for 2019
Plus (+)
Pension Adjustment Reversal for 2020
Minus (-)
Past Service Pension Adjustment for 2020
Plus (+)
Carry forward Contribution Limit
Plus (+)
Over contribution allotment of $2,000
Minimum Age Restriction Contributions
There is no minimum age to contribute to a Registered Retirement Savings Plan. As long as
the taxpayer has "earned income" and files a tax return, they may be able to set up and
contribute to an RRSP.
