RRSP Information
Your RRSP contribution limit for the current year is the lower of:
- Maximum annual contribution limit for the taxation year
- The remaining limit after any company sponsored pension plan contribution
Maximum annual RRSP contribution limits:
| Year | Contribution Limit |
| 2009 | $21,000 |
| 2010 | $22,000 |
| 2011 | $22,450 |
Contribution Deadline:
If you are eligible for an RRSP contribution in a specific taxation year, you can make contributions anytime during the year, or up to 60 days into the following year.
Contribution Limits:
The maximum RRSP contribution limit for the year 2011 is $22,450. However, if you did not use all of your RRSP contribution limit for the years 1991-2010, you can carry forward the unused amount to 2011. Therefore, your RRSP contribution limit for 2011 may be more than $22,450. You may contribute to your RRSP savings until December 31 of the year in which you reach age 71.
Tax Penalty on Over-Contributions:
You are subject to a penalty of 1% per month on the portion of your RRSP contribution that exceeds your lifetime over-contribution limit of $2,000
