How to find your exact RRSP contribution room

Your Notice of Assessment from last year's tax return shows an RRSP contribution room number. That's not your current room - it's what you had available last year, before any contributions you made since then.

Your actual room right now is that NOA number, plus your new 2025 room (based on 2024 earned income), minus any contributions you've made since filing your 2024 return. The CRA updates this running total, but not instantly.

Where to find your current RRSP room

CRA My Account online: Log into your CRA account and check "RRSP/PRPP Deduction Limit Statement." This shows your most up-to-date room, usually within a few weeks of any contributions or new earned income being processed.

Call the CRA automated line: 1-800-267-6999. Have your SIN ready. The system will tell you your current contribution room over the phone.

Your 2024 Notice of Assessment: If you haven't contributed anything since filing your 2024 taxes, your NOA shows accurate room. But if you've contributed $3,000 since then, subtract that from the NOA number.

The NOA also shows your new room for 2025 - it's 18% of your 2024 earned income, up to the $32,490 maximum limit. This gets added to whatever unused room you carried forward.

Why the room calculation gets messy

Room accumulates. If you earned $60,000 in 2024 but didn't contribute anything to your RRSP, you'd get $10,800 in new room for 2025 (18% of $60,000). That sits on top of any unused room from previous years.

But pension adjustments complicate this. If your employer contributed to a pension plan for you, that reduces your new RRSP room dollar-for-dollar. Your T4 shows this as "Pension Adjustment" in box 52.

Over-contributions cost you. Contribute more than your room and you'll pay 1% per month on the excess until you withdraw it or earn new room to cover it. The penalty applies from the first month you're over.

The timing matters for your refund

You can contribute for 2024 until March 2, 2025. Contributions made in the first 60 days of 2025 can count toward either 2024 or 2025 - you choose when you file. TaxSplit.ca will show you whether claiming it this year or next saves you more, based on expected income changes.

If you're planning a large contribution, check your room first. The CRA processes T4s and updates earned income throughout the year, which can change your calculation. Your RRSP contribution generates a tax refund only if you stay within your room.

Most people have more room than they think - earned income from several years back creates contribution space that never expires. Check the actual number before you assume you don't have space.