Whistler Real Estate Co Ltd, #137- 4370 Lorimer Road, Whistler, BC V0N 1B4

Hello Everyone,

This is a reminder for those of you who have not yet made your contributions and need to for 2007. 

How much can I contribute to my own RRSPs? Generally, the amount you can contribute to your own RRSPs or your spouse's RRSPs, or your common-law partner's RRSPs for a given tax year without tax implications is determined by your RRSP deduction limit. This is often called your “contribution room”. Amounts that you contribute above this limit may be considered excess contributions. Your RRSP deduction limit is shown on the latest Notice of Assessment, Notice of Reassessment, or on a T1028, Your RRSP Information for 2007, that Canada Revenue Agency sent you after processing your 2006 return. You can also find out about your contribution room by registering for My Account. Once you've registered and received your password, you can sign in and access your RRSP Deduction Limit Statement online.

The maximum RRSP contribution limit for 2007 is $19,000 or 18% of your 2007 income. However, if you did not use your entire RRSP contribution limit for the years 1991-2006, you can carry forward the unused amount to 2007. Therefore, your RRSP contribution limit for 2007 may be more than $19,000.