RRSP season 2026: New limits, key dates, and what changed

The 2026 RRSP contribution limit is $33,210 - up $720 from last year's $32,490. That's the most you can put in for the 2026 tax year, assuming you earned enough in 2025 to qualify for the full room.

Your actual limit might be lower. It's 18% of your 2025 earned income, capped at $33,210. So if you made $150,000 last year, you get the full $33,210. If you made $80,000, your limit is $14,400. The number that matters is on your Notice of Assessment from CRA - that's your personal contribution room after accounting for any pension adjustments or unused room from previous years.

The deadline that catches everyone

RRSP season runs until March 2nd, 2026. That's 60 days into the new year to make contributions that count for your 2025 tax return. Miss it by a day and your contribution only helps with next year's taxes.

Banks and investment platforms get slammed the last week of February. If you're planning a large contribution, don't wait. The system slows down, transfers take longer, and you risk missing the deadline entirely.

What's different this year

The big change isn't the contribution limit - it's how CRA handles carry-forward room calculations. Starting with 2026 tax returns, unused RRSP room from more than seven years ago gets flagged differently on your Notice of Assessment. It doesn't disappear, but CRA now separates "recent unused room" from "old unused room" to help people understand what they're actually likely to use.

The practical impact: if you've been carrying forward $50,000 in unused room for a decade, CRA now shows that separately from room you created last year but didn't use. It's still all valid contribution space - just organized better.

Provincial tax brackets also shifted. Ontario's second bracket now starts at $51,446 instead of $49,231. That changes the math on RRSP refunds for anyone earning between those amounts. At $75,000 in Ontario, your marginal rate is still about 31.5%, but the path to get there moved slightly.

The income sweet spot

RRSP contributions make the most sense when your marginal tax rate is at least 30%. In most provinces, that kicks in around $60,000-$65,000. Below that income level, you're usually better off with your TFSA - the account where withdrawals are tax-free instead of taxable.

Above $100,000, the RRSP math becomes compelling. A $10,000 contribution at that income level saves roughly $3,200 in taxes in Ontario. TaxSplit.ca will show you the exact refund for your province and income.

The catch: you'll pay tax on every dollar you withdraw in retirement. If you expect to be in a lower tax bracket then, RRSP wins. If you expect to maintain the same income level through retirement, TFSA might be better.

How much room you actually have

Don't guess. Your 2025 Notice of Assessment shows your exact RRSP deduction limit for 2026. It's usually 18% of last year's earned income plus any unused room from previous years, minus any pension adjustments.

If you contributed to an employer pension plan, that reduces your RRSP room dollar-for-dollar. The pension adjustment shows up on your T4 slip and gets subtracted automatically when CRA calculates your limit.

Lost your Notice of Assessment? Check your CRA MyAccount online. The 2026 contribution limits page also breaks down how the calculations work if you want to estimate your room before the official number arrives.

The February rush mistake

Most people wait until February to contribute, thinking they need their T4 slips first. You don't. You can contribute up to your known limit anytime - even in January based on last year's Notice of Assessment.

The only risk is over-contributing, which triggers a 1% monthly penalty on the excess amount. But if you're conservative with the number and stay well below your limit, there's no advantage to waiting.

Early contributions also give your money more time to grow tax-deferred. A $15,000 contribution in January versus February gives you an extra month of potential growth - small, but it adds up over decades.

If you're splitting between RRSP and TFSA this year: RRSP first if you're above $65,000. TFSA first below that. The exact crossover depends on your province, but that's the general rule.