Calculating RRSP deduction limit?

I contribute to my employer-sponsored rrsp program. To calculate my 2007 rrsp limit, do I need to consider both the total of monthly contribution amounts and pension adjustment? Example: As per 2006 notice of assesment my rrsp limit is $5000. My 2007 T4 slip say PA is $900. I contributed $1000 to my employer RSP savings plan.

So, my limit is$ 5000 -$1000 or 5$000- $900?

3 Answers

  • 1 decade ago
    Favorite Answer

    I'm pretty sure your limit is $3,100 ($5,000 limit - $1000 contribution - $900 pension adjustment.

  • 1 decade ago

    this means that for your RRSP limit you have to deduct PA 900$

    which means your limit this year is 5000$-900$=4100$

  • 1 decade ago

    Its your unused RRSP deduction room in the preceding year (2006) + 18% of your income earned in the preceding year

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