Your investing questions, our clear answers.

Our response:

There are limits on how much you can contribute each year to your Registered Retirement Savings Plan (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: $27,830 for 2021.

Visit GetSmarterAboutMoney.ca to learn about RRSPs or use the RRSP Savings Calculator to estimate how much your RRSP will be worth at retirement. Speak with a registered financial representative for advice that fits your personal and financial situation.