RRSP deduction limit 2023

Your Registered Retirement Savings Plan (RRSP) deduction limit is the maximum amount of RRSP contributions you can deduct on your return to help you lower your tax payable for the year. By deducting your RRSP contributions on your return (up to your deduction limit for the year), you can bring down your income tax bracket and, therefore, pay less tax.

You can find your RRSP deduction limit for a given year:

  • At the bottom of your latest notice of assessment (NOA) or reassessment
  • On the Canada Revenue Agency (CRA) website by logging in to My Account (if you're registered)
  • By calling the RRSP Tax Information Phone Service (TIPS) hotline at 1-800-267-6999 or
  • On your T1028: Your RRSP Information for 2023

Note: Your RRSP deduction limit might be impacted by your previous year’s past service pension adjustment (PSPA) and pension adjustment reversal (PAR). You can find both amounts on your notice of assessment or reassessment, or in My Account.