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New Member

I contribute towards an RPP. Does this amount count towards my RRSP contribution limit? How can I be sure I am maximizing my savings without over-contributing?

 
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New Member

I contribute towards an RPP. Does this amount count towards my RRSP contribution limit? How can I be sure I am maximizing my savings without over-contributing?

Your 2016 contributions to your Registered Pension Plan ("RPP") are deductible in the year they are contributed, 2016.  Your 2017 RRSP deduction limit is based on a calculation that included either the value of the RPP contributions made or the value of the retirement benefit earned in 2016, this is reported as a Pension Adjustment, "PA", box 52 on your T4. The PA will always reduce the following years RRSP Deduction Limit, i.e 2016 RRSP deduction limit was reduced by your 2015 PA amount, and grew by your 2015 Earned Income.  Your Notice of Assessment would report your RRSP Deduction Limit Statement for the year, giving you your deduction limit for the year, a calculation that includes the amount of room earned and the PA amount reducing it.

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New Member

I contribute towards an RPP. Does this amount count towards my RRSP contribution limit? How can I be sure I am maximizing my savings without over-contributing?

Your 2016 contributions to your Registered Pension Plan ("RPP") are deductible in the year they are contributed, 2016.  Your 2017 RRSP deduction limit is based on a calculation that included either the value of the RPP contributions made or the value of the retirement benefit earned in 2016, this is reported as a Pension Adjustment, "PA", box 52 on your T4. The PA will always reduce the following years RRSP Deduction Limit, i.e 2016 RRSP deduction limit was reduced by your 2015 PA amount, and grew by your 2015 Earned Income.  Your Notice of Assessment would report your RRSP Deduction Limit Statement for the year, giving you your deduction limit for the year, a calculation that includes the amount of room earned and the PA amount reducing it.

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Level 4

I contribute towards an RPP. Does this amount count towards my RRSP contribution limit? How can I be sure I am maximizing my savings without over-contributing?

Hi, thank you for using Intuit turbotax Live Community

The Canada Revenue Agency( CRA) will tell you your RRSP deduction limit on the Notice of Assessment they send. For example, your 2018 notice of assessment will have your 2019 RRSP deduction limit. Your RRSP deduction limit is the amount of RRSP you will be allowed to deduct on your tax return. There may be  a pension adjustment related to your RPP  which would affect your RRSP deduction limit but CRA will adjust for this on your RRSP deduction limit published on the notice of assessment.

So always use the notice of assessment information for your RRSP deduction limit.

Hope this helps