A Registered Retirement Savings Plan lets you defer tax on income you contribute — you pay tax later, on withdrawal, ideally at a lower rate in retirement.
You can contribute up to 18% of your prior year's earned income, up to an annual dollar maximum ($32,490 for 2025), minus any pension adjustment. Unused room carries forward indefinitely.
Contributions reduce your taxable income in the year you claim them — you don't have to claim a deduction the same year you contribute, and can carry it forward to a higher-income year for a bigger benefit.
See exactly how much tax an RRSP contribution saves you.
Use the RRSP Tax Savings Calculator →Your exact contribution room is shown on your Notice of Assessment or CRA My Account. Verify before contributing to avoid over-contribution penalties.