Contribution Limits

There are contribution limits on RRSPs.

To find out the exact amount you can contribute for the current year, check your most recent Notice of Assessment from the CRA.

As a guideline, your allowable RRSP contribution for the current year is the lower of:

  • 18% of your earned income from the previous year
  • The maximum annual contribution limit for the current tax year
  • The remaining limit after any company sponsored pension plan contributions

Maximum RRSP contribution limits for 2013-2020

Year Contribution Limit Per Year
2013 $23,820
2014 $24,270
2015 $24,930
2016 $25,370
2017 $26,010
2018 $26,230
2019 $26,500
2020 $27,230



If you withdraw funds from your RRSP, you will face withholding taxes. This amount must be held back by the RRSP provider and sent to the government on your behalf. Withdrawals must also be declared as income on your tax return at the end of the year.

Withholding Tax Rates

Effective January 1, 2018, the following withholding tax rates apply:

Amount of RRSP Withdrawal All Provinces Except Quebec Quebec
Up to and including $5,000 10% 20%
$5,000.01 to $15,000 20% 25%
More than $15,000 30% 30%