RRSP Contribution Tracking

The one rule that trips everyone up

Your RRSP room is used up by what you contribute, not by what your account is worth.

Money you put in is a contribution — it uses room (and earns you a tax deduction). The growth on top (interest, dividends, gains) grows tax-deferred and never touches your room. So your RRSP balance can sit far above the total you've contributed; that extra is just growth.

Example: you've contributed $60,000 over the years and it's grown to $92,000. You've used $60,000 of room, not $92,000. Room follows your contributions, not your balance.

How your room is worked out

Your RRSP deduction limit for a year is:

• 18% of last year's earned income, up to the CRA's annual maximum ($33,810 for 2026) — whichever is less
• plus any unused room carried forward from previous years
• minus contributions you've already made

Because it depends on your income and your carry-forward, the only fully accurate number is the one on your CRA paperwork.

Set your starting point once. Your Notice of Assessment (or CRA My Account) shows your official RRSP deduction limit, carry-forward included. Enter it in Plan → Tax → RRSP ("Enter NOA Details"). This is the single most important setup step — with it, NivoaFlow tracks everything from there forward.

How NivoaFlow fills in your contributions

Same order of trust as TFSA:

1. Dated entries you add (most specific) — always win.
2. A yearly figure you enter.
3. Auto-detected from your accounts — contributions transferred into an RRSP-designated account are counted automatically.

The deadline that catches people

RRSP contributions count against a tax year if you make them during that year or in the first 60 days of the next one. To deduct on your 2026 return, contribute by roughly March 1, 2027. As the deadline nears, NivoaFlow warns you if you still have unused room so you can top up in time.

Avoiding an over-contribution penalty

You get a $2,000 lifetime cushion; beyond that, over-contributing costs 1% per month on the excess. Keep your NOA starting number and carry-forward accurate and you'll stay clear.

Quick setup checklist

1. Open Plan → Tax → RRSP.
2. Enter your deduction limit + carry-forward from your Notice of Assessment.
3. Let contributions auto-fill, or add a dated/yearly entry for anything at an unconnected institution.
4. Watch for the deadline warning before the 60-day cutoff.

See also TFSA contribution tracking and how bank sync works.

General information, not tax advice. Always confirm your own deduction limit with the CRA.