Please note that you generally need to have filed an income tax return for the previous year in order to establish your employment income and RRSP contribution room. The contribution room limits are indicated on the federal Notice of Assessment.
RRSPs and tax credits: different criteria
The eligibility criteria for contributing to an RRSP and qualifying for labour-sponsored fund tax credits are not exactly the same.
For example, anyone who earns income in Canada and is 71 years of age or younger as of December 31 of the current year can contribute to an RRSP.
However, the tax credits associated with a labour-sponsored fund do not apply to individuals aged 65 and over. To learn more, consult the tax credit eligibility criteria or contact us.
