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G
gadhvisandeep117
February 5, 2022
Question

What is the RRSP Limit for the first year of CRA tax filing?

  • February 5, 2022
  • 1 reply
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    1 reply

    G
    GHarpe
    February 8, 2022

    As per our TurboTax article Save for Retirement While Reducing Your Taxable Net Income, each Canadian taxpayer has an annual RRSP Contribution Room based on their income so it has a maximum ceiling. The contribution room increases every year by earning new income. 

    As this is your first year filing an income tax return, you will not yet be able to contribute to your RRSP.  Your contribution room, which will be calculated according to your year's income, will be indicated on your Notice of Assessment which you will receive from the Canada Revenue Agency once your return is assessed.

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