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The Registered Retirement Savings Plan (RRSP) has become a popular and trusted way for many Canadians to save for retirement. Any income or investment gains are tax-deferred until the money is withdrawn. It also helps lower your taxes as annual contributions are tax deductible. The RRSP contribution room is 18 per cent of your previous year’s earned income, or an annual contribution limit of $30,780 for 2023. Any unused contributions can be carried forward to future years.

Use the RRSP Limit calculator to determine your annual contribution limit and the amount of taxes you can save. The tool also takes into account the previous year’s and past service pension adjustments – the amount you and your employer contributed to any company pension plan - when calculating your contribution limit.

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