RRSP Contribution Limits

RRSP contribution limit is the amount set by the Canada Revenue Agency (CRA), each year for contributors to pay into their RRSP plan. This RRSP limit is also the ceiling or maximum amount that the contributor SHOULD pay. Any payment over the specified limit is subject to penalties and/or fees, so it is best to know and stay within your limit each year. A contributor is usually an employed individual whose age is below the retirement age. Each year, your RRSP contribution limit may change, depending on your employment income last year, the amount of any RRSP carry over amounts, and the rates and policies set by the Canada Revenue Agency.