How do my current year's RPP contribution affect my RRSP contribution for the same year? For example, let's assume that my 2021 Notice of Assessment (issued in Spring 2020) RRSP amount is $20,000. Again assuming both my employer and I contributed $5000 each to my RPP (from March 1, 2020 to Dec 31, 2020), is my remaining allowed RRSP contribution limit for the 2020 tax year $10,000 or $20,000?
Registered Pension Plans (RPPs) affect your RRSP contribution limit.
In your T4 slip, it includes a pension adjustment (PA) amount. The PA reduces your RRSP contribution room, allowing you to contribute less for the current tax year.
Based on the information u shared, your contribution limit for the tax 2020 will be $10,000.
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