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compita
March 31, 2025
Question

My RRSP limit is $10,850. On 2024 my income was 70k, and contributed 10k, I'm also carrying over from the previous year $1,850. Should I increase my deduction limit?

  • March 31, 2025
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    1 reply

    TurboTaxAniqua
    TurboTaxAniqua
    April 1, 2025

    The RRSP deduction limit is the maximum amount of money you can contribute to your RRSP and claim as a tax deduction on your income tax return. More specifically, it's the lesser of 18% of your income from the previous year or the annual limit set by the CRA (up to a maximum of $31,560 for tax year 2024). You can check if that applies to you What Is an RRSP Deduction Limit?

     

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