You can contribute up to $27,830 or 18% of your earned income for 2021, whichever is less. The RRSP contribution deadline for the 2021 tax year is March 1st, 2022. Contributions made between January 1st and March 1st, 2022 will generate a tax receipt that can be used in either the 2021 or 2022 tax year. Contributions made after March 1st, 2022, will generate a tax receipt for the 2022 tax year. Unused RRSP contribution room can be carried forward until you’re 71. The year you turn 71, you will be required to convert any RRSPs to Registered Income Plans.

Any increase in the value of your RRSP is tax free, but you are required to pay withholding tax on any withdrawals, unless you qualify for the Home-Buyers’ Plan or the Lifelong Learning Plan.