The Registered Retirement Savings Plan (RRSP) contribution limit for 2024 in Canada is 18% of your earned income from 2023, up to a maximum of $31,560, an increase from $30,780 in 2023. Contributions made by March 3, 2025, can be applied to your 2024 tax return. This allows Canadians to take advantage of tax deductions for the previous tax year.
To determine your exact limit, consult your CRA Notice of Assessment, which accounts for any unused contribution room from prior years. Over-contributing beyond the allowable limit (plus a $2,000 buffer) may result in penalties of 1% per month.