Deadline for Contributions
In order to be eligible for deductions for the 2007 tax year, your RRSP contributions must be made by midnight February 29, 2008.
Contribution Limit
The contribution limit for 2007 is 18% of your 2006 earned income or $19,000 (whichever is less), MINUS any 2007 pension adjustment, PLUS any contribution room carried over from previous years.
Carry-forward of Contribution Room
If you have any unused contribution room going back as far as 1991, you may carry it over for an indefinite period of time, subject to age restrictions. This unused contribution room is indicated on your Income Tax Notice of Assessment for the prior calendar year.
