2010 RRSP Contribution Limits

by Tax Guy - Burlington Accountant on November 9, 2009 Print This Post Print This Post

The CRA’s Registered Plans Directorate announced updated rates for the 2010 Money Purchase limit, DPSP limit, Defined Benefit limit, and 2011 RRSP limit.

For 2011, the RRSP deduction limit will be $22,450. The RRSP deduction limit remains at $22,000 for 2010. See our Rates page for RRSP rates and RRSP calculators.

RRSP contributions for 2009 can be made until Monday March 1st, 2010 and are based on your 2008 earned income (The lesser of of 18% of our 2008 earned income or $22,000). For more information on how much you can contribute and deduct to your RRSP take a look at my articles How Much Can I Contribute To My RRSP? and How Much of my RRSP Contribution Can I Deduct?

Optimize Your RRSP Before the Deadline for a Better Tax Refund Using QuickTax.

What About Tax free Savings Accounts?

The additional TFSA contribution room for 2010 will be $5,000. This means that you will be able to contribute an additional $5,000 to your TFSA in addition to your 2009 limit.

About The Tax Guy...

Dean Paley CGA CFP is a Burlington accountant and financial planner who services individuals and business owners locally, nationally and internationally. Dean has appeared in the National Post, Toronto Star and Metro News.

To find out more, visit Dean's website Dean Paley CGA CFP or connect via Twitter @DeanPaleyCGACFP.

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