RRSP Contrtibution Limits

1998 Contribution Limits The simplest way to determine your contribution room is to look at the Revenue Canada “Notice of Assessment”. You are allowed to overcontribute to your RRSP by $2,000. You will not receive a deduction for this overcontribution until you have further unused contribution room. It will however continue to compound tax free in your RRSP. Should you contribute more than this $2,000 a penalty of 1% per month will be levied on the amount over $2,000.

Year Upper Dollar Limit 1996 $13,500 1997 $13,500 1998 $13,500 1999 $13,500 2000 $13,500 2001 $13,500 2002 $13,500 2003 $13,500 2004 $14,500 2005 $15,500 2006 indexed

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