How to find your RRSP contribution room on CRA My Account and your NOA

Your RRSP contribution room isn't a mystery number buried somewhere in CRA paperwork. It's printed clearly in two places: your Notice of Assessment and your CRA My Account online. But the CRA doesn't make it obvious where to look.

The fastest way is CRA My Account. Log in and click "RRSP and TFSA room and transactions" under the tax returns section. Your available room shows up at the top - both your total room and how much you've already used this year.

But here's what trips people up: that number includes your new room for 2024 (18% of your 2023 earned income, up to $31,560) plus any unused room from previous years. So if you see $45,000 available, that's not all from this year - some of it has been building up.

Finding it on your Notice of Assessment

Your NOA - the document CRA sends after processing your tax return - lists your RRSP room on the second page. Look for "RRSP deduction limit for [next year]." That's your total room heading into the new tax year.

The NOA also shows three other numbers worth knowing:

• Your unused room from previous years
• How much you contributed in the year you just filed for
• Your new room for the upcoming year (based on last year's earned income)

These three numbers add up to your total available room.

When the numbers don't match what you expect

If your room looks too low, check whether you have a pension at work. The CRA reduces your RRSP room by something called a pension adjustment - basically accounting for the fact that your employer is already helping you save for retirement. This shows up as "PA" on your T4.

If your room looks too high, you might have unused room from years when you earned less or didn't contribute. RRSP room never expires. Someone who earned $30,000 for five years but never contributed would have roughly $27,000 in unused room sitting there.

The 2025 RRSP limit is $32,490 or 18% of your prior year earned income, whichever is lower. But most people's actual available room is higher because of that unused room from previous years.

Over-contribution penalties exist

The CRA gives you a $2,000 buffer - you can contribute up to $2,000 over your limit without penalty. Beyond that, they charge 1% per month on the excess. So if you're $5,000 over, that's $30 per month until you withdraw the excess or earn more room.

Check your room before contributing, especially if you're maxing out your RRSP or making a large lump sum contribution. TaxSplit.ca shows your current room plus what your refund would be based on your income and province.

Your RRSP room resets every January 1st with your new earned income from the previous year. The CRA updates My Account by late February once they process your tax return.