Saturday, June 30, 2012

Maximum RRSP contributions

3:42 PM



Question:

The program does not seem to increase RRSP contribution to the maximum allowed in coming years, even though the Government has announced increased limits.

Answer:

The RRSP maximum annual contributions for future years are in the program.

You need two conditions to hit the annual maximum: high income and high annual savings. If both of these are met, then the maximum will apply.

In order to see RRSP contributions during the first year of your plan, ensure you put the applicable amount for the current year RRSP deduction limit on the 'RRSP Deductions' tab of 'Registered Investments'.

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