RRSP deduction limit 2013

The deadline for RRSP contributions for the 2012 tax year is March 01, 2013. 

The maximum contribution is $22,970.00 to a maximum of 18% of your earned income from the previous year less your pension adjustment, if any.

The major sources of earned income are derived from salary or hourly wages, business income, alimony, and rental income.  It does not include investment income.

If you are a member of a pension plan any pension adjustment required to be reported will show in box 52 of your T4 or box 34 on your T4A.

Maximizing your RSP contribution, and tax free savings account complimented by sound financial advise will help ensure your retirement dreams are achieved.


Brought to you by Allyson McConnell, The Mortgage Centre, Toll Free: 1-888-425-1580, www.durhamsbestmortgage.ca