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Strategies and solutions tailored specifically to your situation, objectives, and needs. Do you want to contribute to your RRSP but feel overwhelmed trying to figure out your actual contribution limits, how much you’ll get back, or how to make informed investments to maximize your tax returns? Our partners are here to guide you every step of the way and ensure you get 100% of your tax return potential!

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RRSP and TFSA for 2024: Maximize your tax return & compare returns

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RRSP CONTRIBUTIONS- SUMMARY

The Registered Retirement Savings Plan (RRSP) is a tax-deferred savings plan created by the Canadian government to encourage people to set money aside for their retirement. To help people gather the necessary funds for their golden years, the government decided to create a kind of “tax shelter” available to everyone. Every year, depending on your income, the government allows you to make contributions to your RRSP. These contributions are tax-deductible, which means they offer you a tax refund. Additionally, RRSP investments generate tax-free income, leaving more money in your RRSP. However, because this plan is highly advantageous, not everyone can contribute freely; there are specific criteria to determine who is eligible.

WHO CAN CONTRIBUTE TO AN RRSP IN 2025 IN QUEBEC?

To contribute to an RRSP, you need to have employment and a taxable income declared on your income tax return. Unlike the TFSA, there is no minimum age requirement to contribute to an RRSP. As long as you have taxable income reported on your tax return, you gain contribution rights—even if you are 16 years old. On the other hand, you can contribute until the year you turn 71. At that age, you must convert your RRSP into a RRIF, which will provide retirement income. So:

  • No minimum age for contributions
  • You only need income and a tax return
  • Maximum age: 71
  • You must convert your RRSP to a RRIF at age 71

CALCULATING YOUR CONTRIBUTION LIMIT FOR 2025

The RRSP is available to anyone with taxable income up to age 71, but you cannot contribute any amount you choose. The government has set a calculation method to determine your maximum allowable contribution limit each year, including in 2025. The main calculation steps are:

  • Calculate your contribution based on your income from the previous year
  • Compare this amount to the annual RRSP maximum limit
  • Add unused contribution room from previous years
  • Adjust for your pension adjustment factor, if applicable
  • Determine your actual contribution room for the year
  • Choose the type of investment for your RRSP in 2025

STEP 1 : 18% OF YOUR INCOME EARNED IN THE PREVIOUS YEAR

The first step in calculating your contribution room is determining your new RRSP limit for 2025 by taking your previous year’s income (2024) and multiplying it by 18%, up to the maximum RRSP contribution limit. For example, if your gross income in 2024 was $50,000, your new contribution room would be $9,000.

STEP 2 : KNOW THE ANNUAL RRSP CONTRIBUTION LIMIT FOR 2025

Once you know your new contribution room, you must compare it with the annual RRSP contribution limit for 2025. In 2025, this limit is $32,490. If the amount calculated in Step 1 is less than $32,490, use the amount from Step 1. However, if it exceeds $32,490, you must stick to the maximum limit.

STEP 3 : ADD UNUSED CONTRIBUTION ROOM

If you haven’t maximized your RRSP contributions in past years, your unused contribution room is carried forward. For instance, if you didn’t use $6,000 from previous years, this amount is added to your new room in 2025, providing a total of $15,000 ($9,000 + $6,000).

STEP 4 : SUBSTRACT YOUR PENSION ADJUSTMENT FACTOR

If you participate in a workplace pension plan, your pension adjustment reduces your contribution room. Your employer calculates this factor and reports it on your T4 slip. For example, if the factor is $4,000, subtract this amount to find your final contribution room.

STEP 5 : YOUR ACTUAL CONTRIBUTION ROOM FOR 2025

After considering all these factors, you have your total allowable contribution for 2025. To make informed decisions, you can consult an RRSP adviser to determine the best investment option for you.

STEP 6 : CHOOSE YOUR RRSP INVESTMENT TYPE

Finally, decide what type of investments you’ll make within your RRSP. Will you invest in mutual funds, bonds, GICs, or something else? Speak to an RRSP adviser to make informed decisions.

ANNUAL RRSP CONTRIBUTION LIMITS TABLE (2013-2025)

The annual maximum contribution limit for RRSPs changes each year in Canada. The table below shows the evolution of the limit. Note that to maximize your contribution room (calculated using the 18% formula), you generally need a gross annual income above $100,000. For any questions, complete our free form.

YEAR MAXIMUM CONTRIBUTION LIMIT
2013 23 820 $
2014 24 270 $
2015 24 930 $
2016 25 370 $
2017 26 010 $
2018 26 230 $
2019 26 500 $
2020 27 230 $
2021 27 830 $
2022 29 210 $
2023 30 780 $
2024 31 560 $
2025 32 490 $

LET OUR PARTNERED RRSP EXPERTS CALCULATE YOUR
CONTRIBUTION ROOM FOR 2025 FOR FREE

If you don’t feel comfortable calculating your contribution room yourself, or if you don’t know enough about taxes and investments to make informed RRSP decisions, our partner advisers specialized in RRSPs can help you calculate your contribution room for 2025.

They can even go further, based on your needs, and advise you on the right type of RRSP to choose and the best investments to maximize your savings.

A seamless and free approach that ensures you get 100% of your maximum contribution room and ideal investments tailored to your needs.

FINANCIAL ADVISERS SPECIALIZED IN RRSP OPTIMIZATION MOTIVATED TO HELP YOU KEEP THE MAXIMUM IN YOUR POCKETS

Strategies and solutions tailored specifically to your situation, objectives, and needs. Do you want to contribute to your RRSP but feel overwhelmed trying to figure out your actual contribution limits, how much you’ll get back, or how to make informed investments to maximize your tax returns? Our partners are here to guide you every step of the way and ensure you get 100% of your tax return potential!

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