The deadline to make 2023 RRSP contribution is February 29, 2024.

The allowable RRSP contribution limit for 2023 is the lower of:

  • 18% of income you reported on your tax return in 2022
  • Maximum annual contribution limit of 2023 – $30,780

Plus any unused contribution room carried forward from prior years.

If you have a company pension plan, your RRSP contribution limit is reduced.

Any unused RRSP contribution room can be carried forward indefinitely to be used for future years.

You can also find your 2023 RRSP contribution limit on your 2022 Notice of Assessment.

For more information regarding RRSP click here.

We at SJ Chartered Accountant suggest to make RRSP contributions within your contribution limit as any amount over-contributed is charged a penalty of 1% per month by CRA.

We are a CPA – Chartered Professional Accountant firm serving Mississauga, Etobicoke, Toronto & other surrounding areas in the GTA.