How Much RRSP Contribution Can You Make in 2019?

What is the maximum RRSP contribution you can make in 2019, based on the given data?

The maximum RRSP contribution you can make in 2019 is $9,450.

Based on the information provided, the calculation for determining the RRSP contribution for 2019 is as follows:

• 1. Determine your earned income for 2018: $56,000.
• 2. Calculate the total contribution to your defined-contribution plan made by you and your employer in 2018: $3,500.
• 3. Subtract the total contribution made in 2018 from your earned income for 2018: $56,000 - $3,500 = $52,500.
• 4. Calculate the maximum RRSP contribution limit for 2019, which is 18% of your earned income from the previous year: $52,500 x 0.18 = $9,450.
• 5. Since you had no accumulated RRSP room, the maximum RRSP contribution you can make in 2019 is $9,450.

By following this calculation, you can ensure that you are making the most of your RRSP contribution limit for the upcoming year.