Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Find CRA error Netfile information >> HERE!

What is the RRSP Limit for the first year of CRA tax filing?

 
1 Reply

What is the RRSP Limit for the first year of CRA tax filing?

As per our TurboTax article Save for Retirement While Reducing Your Taxable Net Income, each Canadian taxpayer has an annual RRSP Contribution Room based on their income so it has a maximum ceiling. The contribution room increases every year by earning new income. 

As this is your first year filing an income tax return, you will not yet be able to contribute to your RRSP.  Your contribution room, which will be calculated according to your year's income, will be indicated on your Notice of Assessment which you will receive from the Canada Revenue Agency once your return is assessed.

Thank you for choosing TurboTax. 

 

 

Unlock tailored help options in your account.