Every February, the same thing happens. Friends start texting me. “When’s the RRSP deadline again?” “How much room do I have?” “My bank is telling me to contribute. Should I?”

The urgency is real but often misplaced. Banks run RRSP season like a retail holiday, because it is one for them. That doesn’t mean contributing is wrong. It just means you should understand the numbers before you rush.

This is a reference guide, not financial advice. The CRA updates these figures annually, and your personal contribution room depends on your own tax history. Always verify your numbers through CRA My Account before making decisions.

The 2026 numbers

Your RRSP contribution limit for 2026 is 18% of your earned income from 2025, up to a maximum of $33,810. The CRA announces this annual maximum each year.

So if you earned $80,000 in 2025, your new contribution room for 2026 is $14,400 (18% of $80,000). If you earned $200,000, it’s capped at $33,810 regardless.

“Earned income” includes employment income, self-employment income, and rental income, among other things. It does not include investment income, capital gains, or pension income. This catches people off guard. If your entire income comes from investments, your RRSP room may not grow much at all.

Unused room carries forward

If you didn’t max out your RRSP in previous years, that unused room doesn’t disappear. It accumulates. Your total available contribution room is the sum of all your unused room from every year since you turned 18, plus your new room for the current year, minus any pension adjustments.

Some people have tens of thousands of dollars in unused RRSP room that has been accumulating for years. That room stays available indefinitely. There’s no expiry date.

How to check your room

The simplest way is through CRA My Account. Log in, and your RRSP deduction limit is displayed right on the overview page. You can also find it on your most recent Notice of Assessment, which is the letter the CRA sends after processing your tax return.

If you’ve never logged into CRA My Account, setting it up takes a few minutes. It’s worth doing. Your contribution room, TFSA room, and tax return history are all there.

The deadline

The RRSP contribution deadline for the 2026 tax year is March 1, 2027. Any contributions made in the first 60 days of 2027 (January 1 to March 1) can be claimed on either your 2026 or 2027 tax return.

This is where the February rush comes from. If you want to reduce your 2026 taxable income, you need to contribute by early March 2027. After that, any contribution counts toward 2027.

Common mistakes

Confusing your annual limit with your total room. The $33,810 maximum is only the new room added for 2026. Your total available room might be much higher if you have unused room carried forward from previous years. Check CRA My Account for the actual number.

Forgetting pension adjustments. If your employer has a pension plan (defined benefit or defined contribution), your RRSP room is reduced by a Pension Adjustment (PA). This is calculated by your employer and reported to the CRA. It means that if you have a good workplace pension, your RRSP room will be lower than the 18% formula suggests.

Over-contributing. The CRA allows a lifetime over-contribution buffer of $2,000 with no penalty. Go beyond that, and you’ll owe a penalty tax of 1% per month on the excess amount. This adds up fast. If you’re unsure how much room you have, check CRA My Account before contributing.

Contributing when your income is low. An RRSP contribution gives you a tax deduction, which is most valuable when your income (and tax rate) is high. If you’re in a lower tax bracket right now but expect your income to grow significantly, it might make more sense to prioritize your TFSA and save your RRSP room for a year when the deduction is worth more. This is one of the most overlooked decisions in Canadian personal finance.

RRSP vs. TFSA: a quick gut check

The classic question. Both accounts shelter your investments from tax while they grow. The difference is when you get the tax benefit.

RRSP: tax deduction now, taxed when you withdraw. Best if your income is higher now than it will be in retirement.

TFSA: no deduction now, but withdrawals are completely tax-free. Best if your income is lower now, or if you want flexibility.

There’s a lot more nuance than that. The full comparison is worth reading if you’re trying to decide where to put your money first. And if you have a spouse with a lower income, a spousal RRSP can help split income in retirement, which is another layer worth understanding.

Don’t let the deadline pressure you

RRSP season marketing creates a sense of urgency that can push people into hasty decisions. Contributing to your RRSP is generally a good thing, but not if it means draining your emergency fund or going into debt to do it.

If you’re investing through a self-directed account, you can contribute any time during the year. Setting up automatic monthly contributions often makes more sense than scrambling to find a lump sum in February.

RRSP contribution limit and deadline for 2026