Contributing to an RRSP

How much can I contribute to my RRSP account?
Generally, the amount you can contribute to your own RRSP or your spouse or your common-law partner’s RRSP for a given tax year is determined by your RRSP deduction limit. This is often called your “contribution room”. Your RRSP contribution room is reported on your annual Notice of Assessment received from Canada Revenue Agency (CRA). Your RRSP contribution room is calculated as 18% of your previous year’s income (to a maximum amount) minus any pension adjustment amount plus any carry forward from previous years. Amounts that you contribute above your limit may be considered excess contributions.
 
Note
The maximum RRSP deduction limit for 2010 is $22,000. However, if you did not use your entire RRSP deduction limit for the years 1991-2009, you can carry forward the unused amount to 2010. Therefore, your RRSP deduction limit for 2010 may be more than $22,000.
 
The maximum RRSP deduction limit for the subsequent year is as follows:
2011 – $22,450
2012 – $22,950
 
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 on a T1028.