How many years can you go back to top up your RRSP?

Jamie Golombek, vice-president of taxation and estate planning at AIM Trimark Investments, has the answer.

Jamie Golombek 23 February, 2004 | 2:00PM
Dear Expert:

How far back (years) can you go and top-up an RRSP?

Expert Answer:

Since 1991, RRSP contribution room is automatically carried forward from year to year indefinitely. In other words, as long as you reported earned income on your tax return, then 18% of all prior years' earned income since 1991 constitutes your total cumulative RRSP contribution room, less any RRSP contributions actually made and any pension adjustments that you may have received by participating in an employer's pension plan.

To find out how much an RRSP contribution may save you, try Morningstar's RRSP Calculator.

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Jamie Golombek

Jamie Golombek