What is the maximum yearly contribution?

The RRSP contribution limit is 18% of your previous year’s pre-tax earnings, or the amount set by the Canada Revenue Agency (CRA), whichever is less.

Every year, the CRA sets an annual limit on the maximum contribution amount that taxpayers can make to their RRSPs in that year. In 2021, that amount is $27,830. However, your individual contribution limit may be higher because any unused contribution room from previous years is automatically carried over.

You can check what this amount is through your online CRA account or on your yearly Notice of Assessment.

This contribution room would include activity from both individual and Group RRSPs, including both employer and employee contributions.