What does ‘available contribution room’ mean for an RRSP?
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.