When you file your taxes every year, Canada Revenue Agency (CRA), calculates your RRSP contribution room and reports it on your notice of assessment. Generally, your contribution room for the current year is 18% of the previous year’s earned income, plus any unused contribution room from previous years, less contributions to pension plans (other than CPP). Note that your contribution room is for any and all RRSP accounts you have. If you have an RRSP at another financial institution you will need to keep track of the total amount contributed to all accounts.

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