Thanks for your question Brian. The right amount to invest in an RRSP varies for each individual based on their financial plan. To start, read How much you need to save for retirement to learn about such factors as: age, lifestyle, federal government benefits. It is also useful to know how to choose your asset mix.
Find out how much contribution room you have available. Your 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: $25,010 for 2017.
You may wish to speak to a registered financial advisor for more information and to have a financial plan that meets your individual scenario.