Is there a certain limit per year that can be contributed to a Group RRSP, combining both payroll deductions and company match up?
Categories:
Tags:
Our response:
Rules around annual contributions to a Group Registered Retirement Savings Plan (RRSP) are the same as for an individual RRSP. Your total contribution room for the year is the lower of:
- 18% of your earned income for the previous year, or
- the maximum contribution amount for the current tax year ($26,230 for 2018).
If you are a member of a pension plan in addition to the Group RRSP, your pension adjustment will reduce the amount you can contribute to your RRSP. Speak to a financial representative or tax professional to understand how your plan works and to determine your annual contribution limit.