We determined your limit from information on your 2013 and previous years’ income tax and benefit returns, and from information we keep on record. If any of that information changes, your 2014 RRSP deduction limit may also change. In most cases, we will tell you about any change to your 2014 RRSP deduction limit.
NOTE
The RRSP limit for 2014 is $24,270. However, your 2014 RRSP deduction limit may be more than $24,270 if you did not use your entire RRSP deduction limit for the years 1991 to 2013. Your unused RRSP deduction room will be carried forward to 2014.
The maximum RRSP deduction limit for the subsequent year is as follows:
2015 – $24,930
CONTRIBUTIONS YOU CAN DEDUCT FOR 2014
For 2014, you can deduct contributions you made to your RRSP or SPP from January 1, 1991, to March 2, 2015. You can also deduct contributions you made to your PRPP from January 1, 2014 to March 2, 2015 (do not include your employer’s contributions). You can deduct these contributions if you did not deduct them for any other year, and if they are not more than your RRSP deduction limit for 2014. Even if you can no longer contribute to your RRSP in 2014 because of your age, you can deduct your unused RRSP contributions up to your RRSP deduction limit.
You cannot claim a deduction for any of the following:
- amounts you pay for administration services for an RRSP;
- brokerage fees charged to buy and dispose of securities within a trusteed RRSP;
- the interest you paid on money you borrowed to contribute to an RRSP;
- any capital losses within your RRSP.
Source: CRA
