The amount that you can contribute to your RRSP depends on whether you’re a member of a pension plan, the type of pension plan you have and the amount of earned income you had in the previous calendar year. The current year’s RRSP contribution dollar limit can be found on the CRA website.
If you are not a member of a pension plan, your maximum contribution to your RRSP is 18% of your previous year’s “earned income” up to a maximum limit, set each year. If you are a member of a pension plan, your annual RRSP contribution room will be reduced by your previous year’s pension adjustment.
The Income Tax Act has defined earned income for RRSP contribution purposes as:
Earned income does not include:
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