RRSP deadlines and limits by tax year
Read across a row: the dollar limit is the most new room that tax year can add, and the deadline is the last day a contribution can still be deducted on that year's return.
| Tax year | RRSP dollar limit | Contribution deadline |
|---|---|---|
| 2024 | $31,560 | March 3, 2025 |
| 2025 | $32,490 | March 2, 2026 |
| 2026 | $33,810 | March 1, 2027 |
| 2027 | $35,390 | February 29, 2028 |
| 2028 | Not published yet | March 1, 2029 |
The date moves for two reasons. In a leap year the 60th day is February 29, which is why the 2027 deadline is February 29, 2028. When the 60th day lands on a Saturday or Sunday, the deadline moves to the Monday: the 2024 deadline was March 3, 2025. What counts is the date the money lands in the RRSP, so a transfer that takes a few days to settle has to start before the deadline.
How your own limit is worked out
Your RRSP deduction limit for a year is the room you didn't use in earlier years, plus 18% of the previous year's earned income up to that year's dollar limit, minus any pension adjustment from a workplace pension. The dollar limit only matters if you earn a lot: you reach the 2026 cap of $33,810 with $187,834 or more of 2025 earned income. For 2027 the cap is $35,390.
RRSP dollar limit, 2018 to 2027
The maximum RRSP deduction limit rises with average wages. Your own limit is 18% of last year's earned income, up to this cap, plus any unused room.
| Item | Value |
|---|---|
| 2018 | $26,230 |
| 2019 | $26,500 |
| 2020 | $27,230 |
| 2021 | $27,830 |
| 2022 | $29,210 |
| 2023 | $30,780 |
| 2024 | $31,560 |
| 2025 | $32,490 |
| 2026 | $33,810 |
| 2027 | $35,390 |
Your exact figure is on your latest Notice of Assessment and in CRA My Account, as "RRSP deduction limit". It already includes your carried-forward room and pension adjustment, so use that number rather than working it out yourself. It won't include anything you contributed after you filed.
Which tax year a January or February contribution counts for
A contribution made between January 1 and the deadline can be deducted on the previous year's return or on a later one, but not both. A contribution made after the deadline can only go on the return for the year you made it, or later. Your issuer usually sends a separate receipt for contributions made in that window, because you choose the year.
You also don't have to deduct a contribution in the year you make it. If you expect to be in a higher tax bracket later, you can contribute now, report it on Schedule 7, and carry the deduction forward. The money grows sheltered in the meantime.
Worked example. You earned $70,000 in 2025, so 2026 adds $12,600 of room (18% of it). With $5,000 unused from earlier years, your 2026 deduction limit is $17,600. You contribute $6,000 during 2026 and another $4,000 on February 10, 2027.
| You claim on your 2026 return | Deducted for 2026 | Carried forward |
|---|---|---|
| Both contributions | $10,000 | $0 |
| Only the 2026 one | $6,000 | $4,000 (deduct it in 2027 or later) |
Either way, $7,600 of room is left over and carries into 2027 with the new room that year adds.
What happens if you put in too much
CRA lets your contributions run up to $2,000 past your deduction limit without a penalty. That $2,000 is a lifetime cushion, not a yearly one, and you can't deduct it until new room covers it. Anything beyond it is taxed at 1% for each month it stays in the plan, reported on form T1-OVP within 90 days after the end of the year.
With the $17,600 limit from the example, contributing $22,600 leaves $3,000 above the cushion: $30 of tax for every month until you withdraw it or new room absorbs it. Taking the excess out as soon as you notice is usually the cheapest fix. Penalty and interest also apply if the T1-OVP is filed late.
Other dates that end RRSP contributions
- You turn 71. You can contribute to your own RRSP until December 31 of the year you turn 71, not the 60 days after. If you still have room after that, you can contribute to a spousal RRSP until the end of the year your spouse or common-law partner turns 71.
- Home Buyers' Plan repayments. Each year's HBP repayment uses the same deadline, but it doesn't use room and isn't deductible. The HBP repayment guide lists the start year and first deadline for each withdrawal year.
- FHSA contributions. They have no 60-day window: an FHSA contribution made in January or February can only be deducted for that same year. More in FHSA vs RRSP.
Keep the running total yourself
The figure on your Notice of Assessment is a snapshot from when CRA assessed your last return. Every contribution since then, at every institution, is yours to keep track of, which is how most over-contributions happen. Looniee's Planner records each RRSP contribution and shows the room left. It's on the free plan, and Looniee never asks for a bank login.
To check a single number now, use the RRSP contribution limit calculator. Saving for a first home too? Compare the FHSA contribution room calculator.
