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

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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: $26,230 for 2018.

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.

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