What is my rrsp contribution limit

what is my rrsp contribution limit

RRSP Contribution Limit 2015 | Maximum RRSP Deduction Limit

RRSP Contribution Limit 2015

The maximum RRSP contribution limit for 2015 is $24,930 (comparing to the last year 2014, $660 of RRSP limit has been increased for the year 2015). However, if you did not use all of your RRSP contribution limit for the years 1991-2014, you can carry forward the unused amount to 2015. Therefore, your RRSP contribution limit for 2015 may be more than $24,930.

The maximum RRSP contribution limit for subsequent years is as follows:

  • 2013 maximum RRSP contribution limit: $23,820
  • 2014 maximum RRSP contribution limit: $24,270
  • 2015 maximum RRSP contribution limit: $24,930
  • 2016 maximum RRSP contribution limit: Indexed to inflation – not confirm yet.

Generally, the amount you can contribute to your own RRSPs or your spouse’s RRSPs, or your common-law partner’s RRSPs for a given tax year without tax implications is determined by your RRSP deduction limit. This is often called your “contribution room”. Amounts that you contribute above this limit may be considered excess contributions. Your RRSP deduction limit is shown on the latest Notice of Assessment, Notice of Reassessment, or on a T1028, Your RRSP Information for 2015, that Canada Revenuse Agency sent you after processing your 2014 return. You can also find out about your contribution room by registering for My Account. Once you’ve registered and received your password, you can sign in and access your RRSP Contribution Limit Statement online.

Maximum RRSP Deduction Limit for the Year 2015

The amount of RRSP contributions that you can deduct on your tax return for a given year is determined by your RRSP deduction limit.

Your RRSP deduction limit can be found on the RRSP Deduction Limit Statement which

appears on your latest Notice of Assessment or Notice of Reassessment or on a T1028, Your RRSP Information for 2015.

On your 2015 income tax return, you can deduct contributions you made to your RRSPs between January 1, 1991, and March 1, 2016.

You can deduct these contributions if you did not deduct them for any other year and if they are not more than your RRSP deduction limit for 2015.

If you can no longer contribute to your RRSPs in 2015 because of your age (the year after you turn 69; beginning in 2015, under proposed legislation, the year after you turn 71) you can still deduct the contributions you made in a previous year, up to your RRSP deduction limit.

Please note that repayments under the Home Buyers’ Plan (HBP) or Lifelong Learning Plan (LLP) are not deductible on your return even though the RRSP issuer will give you an official receipt for the contribution. You will record your repayments on Schedule 7, which you will file with your tax return.

Please note that generally, amounts you transfer directly to your RRSP do not affect your RRSP deduction limit. However, you may need to include an amount in income and claim an offsetting deduction.

The maximum RRSP deduction limit for 2015 is $24,930. However, if you did not use all of your RRSP deduction limit for the years 1991-2014, you can carry forward the unused amount to 2015. Therefore, your RRSP deduction limit for 2015 may be more than $24,930.

The maximum RRSP deduction limit for subsequent years is as follows:

  • Maximum RRSP deduction limit 2015: $24,930

Posted in RRSP Contribution | RRSP Deduction Limit

Tags: Maximum RRSP Contribution Limit

Source: www.tax-services.ca

Category: Bank

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