You can check your RRSP contribution limit on your last year Notice of Assessment. Contributions can be deducted from taxable income when filing your tax return, meaning you can end up paying less taxes and saving more money. Deductible RRSP contributions can be used to reduce your tax. Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan. For the 2024 tax year, the RRSP contribution deadline was March 3, 2025, meaning you had until that date to make contributions that can be deducted on your 2024 tax return.
Thank you for choosing TurboTax.
