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Question

I don't have an RRSP or PRPP. Do I still have a deduction limit?

Forum|Forum|4 years ago
April 3, 2022
1 reply
0 views

I've answered this questions myself. I didn't understand quite what a deduction limit was. Thanks.

Yes, you have.
Your deduction limit is 18% of your pre-tax income, up to a maximum amount defined by the CRA for that year. (The maximum deduction limit for the 2021 tax year is $27,830. )

For example;

If this is the first year you earn income, and your income was $30,000, your contribution room is a maximum of 18% of your total income which is $5,400. That is the maximum amount you can contribute.

(Your RRSP contribution limit, also known as your "deduction limit")

For more information, please click:
TurboTax Remaining RRSP Contribution Room

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