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New Member
posted Oct 30, 2019 9:07:33 AM

I am 17 and this is my first time doing my taxes how do i now my rrsp limit is

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1 Replies
Level 13
Oct 30, 2019 9:07:35 AM

You will need to first file your income tax return so that an RRSP deduction limit can be generated for you.  Your RRSP deduction limit is 18% of your earned income, to a maximum value for the year.    Unused contributions are carried forward each year, so if you didn't maximize your RRSPs last year, the unused amounts are added to this year's limit.