How much can I deduct?

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 2009.

On your 2009 income tax return, you can deduct contributions you made to your RRSPs between January 1, 1991, and March 1, 2010. 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 2009.

If you can no longer contribute to your RRSPs in 2009 because of your age the year after you turn 71, you can still deduct the contributions you made in a previous year, up to your RRSP deduction limit.

Note
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.

Transferred amounts

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. See Transferring for information about the special rules that apply.

Claiming deductions

For information on claiming your deductions on your tax return, see Completing your tax return.

Forms and publications

• RRSPs and Other Registered Plans for Retirement guide (T4040)
• IC72-22R9, Registered Retirement Savings Plans

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