Understanding the RRSP Deduction Limit Statement

Every year clients look at the RRSP Deduction Limit Statement on their Notice of Assessment and ask similar questions: Is there a difference between a RRSP contribution and a RRSP deduction?
I have RRSP deduction room and unused contributions — what does this mean?

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RRSPs 101

What is a Registered Retirement Savings Plan (RRSP)? An RRSP is a retirement savings account available to any Canadian individual taxpayer under the age of 72 and to which they or their spouse/common-law partner can contribute — subject to their respective deduction limits.

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Retirement Readiness: 10 Questions to Support the Planning Process

It’s never too early to start planning the retirement you desire. But do you have a clear idea of how you want to spend your time, and if you have the means to support the lifestyle you envision? This list of questions is designed to help you imagine the realities of your retirement years, and the financial considerations that accompany your choices.

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