RRSP - Calculating my limit

[harpreethwalia]

I checked but i dont think i fully understand this.

I moved from US to Canada last Sep 2018.
I have yet not filed my taxes for 2018

I have started contributing to my RRSP starting Jan 2019.
Earlier i thought its 18% max of my current income. But isnt this 18% of my income filed in 2018 taxes?

So my question is how can I calculate what is my max RRSP contribution limit for 2019?
I am yet to file my taxes but wanted to see how can I calculate this for now.

TIA

 

[harpreethwalia]

So for anyone else who might have this question

I just spoke to my HR department. They told me to take 18% of Box 14 value in my T4. That should be a good calculation for my RRSP limit.
Also, once we file taxes and I get my notice of assessment, it will show my total RRSP contribution limit for 2019.

Thanks

 

[Investocrat]

Yes. In addition, for the 2019 RRSP contribution limit that is based on the 2018 tax year, the maximum amount you can contribute for the year is $26,500. This is applicable if your earned income is in excess of $147,222 or so.

You can find your exact figure on your CRA Notice of Assessment.

So for anyone else who might have this question

I just spoke to my HR department. They told me to take 18% of Box 14 value in my T4. That should be a good calculation for my RRSP limit.
Also, once we file taxes and I get my notice of assessment, it will show my total RRSP contribution limit for 2019.

Thanks

 

[harpreethwalia]

Yes. In addition, for the 2019 RRSP contribution limit that is based on the 2018 tax year, the maximum amount you can contribute for the year is $26,500. This is applicable if your earned income is in excess of $147,222 or so.

You can find your exact figure on your CRA Notice of Assessment.

$26500 or 18% of Income (whichever is lower) correct?

 

[Investocrat]

Yes, whichever is lower.

$26500 or 18% of Income (whichever is lower) correct?