Generally, the amount you can contribute to your own RRSPs or your spouse or 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(over-contributions).
Your RRSP deduction limit is the amount of RRSP contributions that you can deduct on your tax return for a given year.
You can find your RRSP deduction limit by going to one of the following:
If we reassess a previous year's return, your revised 2012 RRSP deduction limit will appear on your notice of reassessment or in some cases on a T1028, Your RRSP Information for 2012. We will also send you a T1028 with a new RRSP deduction limit if your RRSP deduction limit has changed for reasons other than a reassessment of a previous year's return.
We determined your limit from information on your 2011 and previous year's returns, and from information we keep on record. If your earned income changes, your 2012 RRSP deduction limit may also change. In most cases, we will inform you of any change to your 2012 RRSP deduction limit.
The maximum RRSP deduction limit for 2012 is $22,970. However, if you did not use all of your RRSP deduction limit for the years 1991-2012, you can carry forward unused RRSP contributions to 2013. Therefore, your RRSP deduction limit for 2012 may be more than $22,970.
The maximum RRSP deduction limit for the subsequent year is as follows:
If you want to calculate your contribution room yourself, see chart 3 of Guide T4040, RRSPs and Other Registered Plans for Retirement.
For 2012, you can deduct contributions you made to your RRSP from January 1, 1991, to March 1, 2013 (the first 60 days of 2013). 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 2012. Even if you can no longer contribute to your RRSP in 2012 because of your age, you can deduct your unused RRSP contributions up to your RRSP deduction limit.
You cannot deduct the interest you paid on money you borrowed to contribute to an RRSP.
If you made contributions from January 1, 1991 to March 1, 1995, that you did not deduct, and you did not show it on Schedule 7 for 1994, contact us.
You cannot claim a deduction for any of the following:
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.
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