Whats my maximum allowable contribution limit?
Your allowable RRSP contribution is the lower of the following: • 18% of your earned income from the previous year • The maximum annual contribution limit for the taxation year ($20,000 for 2008; $21,000 for 2009) • The remaining limit after any company-sponsored pension plan contributions plus, your unused contribution room. Your unused contribution room is shown on your Notice of Assessment or Notice of Reassessment for the previous tax year. If you don’t have that handy, you can call the automated Tax Information Phone Service (T.I.P.S.) at 1.800.267.6999, or the individual income tax enquiries line at 1.800.959.8281. You will be asked for your Social Insurance Number, your date of birth, and the total income you reported on line 150 of your income tax return for the previous year. You can also use the online Canada Revenue Agency My Account service. Before you can access the service for the first time, you must register for an epass. Once you’ve registered and received your passwor
