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2028 RRSP limit raised to $36,390, 2027 limit $35,390
The Canada Revenue Agency has increased the RRSP contribution ceiling to $35,390 for the 2027 tax year and to $36,390 for 2028, up from $33,810 in 2026. The change is effective for the 2027 and 2028 tax years and applies to all Canadian taxpayers eligible to contribute to a registered retirement savings plan.
In this story
At a glance
- What changes
- RRSP dollar limit increased to $35,390 for 2027 and $36,390 for 2028
- Timing
- Limits apply to the 2027 and 2028 tax years
- Who is affected
- All Canadian taxpayers eligible to contribute to an RRSP
The details
- Announced by
- Canada Revenue Agency
- Takes effect
- 2027 tax year and 2028 tax year
- Previous rule
- The RRSP dollar limit for the 2026 tax year was $33,810.
- New rule
- The limit is $35,390 for 2027 and $36,390 for 2028.
New RRSP Dollar Limits
On October 28, 2026 the CRA published updated contribution ceilings on its registered plans administration page. The announcement confirms a limit of $35,390 for the 2027 tax year and raises the ceiling to $36,390 for 2028. Both figures replace the $33,810 limit that applied to 2026.
- $35,390 – RRSP limit for the 2027 tax year
- $36,390 – RRSP limit for the 2028 tax year
How the Money‑Purchase Limit Sets the RRSP Ceiling
Under the Income Tax Act each year’s RRSP dollar limit is tied to the money‑purchase pension plan limit from the prior year. The 2026 money‑purchase limit of $35,390 became the 2027 RRSP limit. The newly announced 2027 money‑purchase limit of $36,390 now determines the 2028 RRSP ceiling.
- One‑year lag means the CRA can announce the RRSP limit a full year before it applies
Implications for Contribution Planning
To reach the full dollar limit, a taxpayer must earn at least $196,612 in 2026 for the 2027 limit and $202,167 in 2027 for the 2028 limit, because the calculation uses 18 % of prior‑year earned income. Individual contribution room may be higher if unused room is carried forward, or lower if pension adjustments reduce the available amount.
Contributions made in the first 60 days of a calendar year can be applied to the prior tax year. For example, contributions between 1 January and 1 March 2027 may be deducted on either the 2026 or 2027 return, subject to the new limits.
- Check your latest Notice of Assessment or CRA My Account for exact room before contributing
- Adjust contributions to stay within the $35,390 (2027) or $36,390 (2028) ceilings
What this means for travellers
Trip planning
- Higher RRSP limits do not alter travel dates, visas or entry requirements for Canadians.
- Financial planners may consider the increased sheltering capacity when budgeting for future trips.
Cost and documents
- No new fees are introduced for RRSP contributions under the updated limits.
- No additional paperwork is required beyond the standard RRSP contribution reporting.
What you need to do
- Review your RRSP contribution room in CRA My Account before making 2027 or 2028 contributions.
- Ensure contributions for 2027 and 2028 do not exceed the new $35,390 and $36,390 ceilings.
Who this affects
-
Canadian taxpayers contributing in 2027
The CRA set the RRSP dollar limit for 2027 at $35,390.
What to do Verify contribution room and keep contributions at or below $35,390.
-
Canadian taxpayers contributing in 2028
The CRA raised the RRSP dollar limit for 2028 to $36,390.
What to do Check room and limit contributions to $36,390 for the 2028 tax year.
-
Individuals with unused RRSP room
Unused contribution room can be added to the new limits, affecting total deductible amount.
What to do Add carried‑forward room to the new ceiling when calculating total contribution capacity.
Frequently asked questions
What is the RRSP contribution limit for 2027?
The RRSP dollar limit for the 2027 tax year is $35,390, up from $33,810 in 2026.
What is the RRSP contribution limit for 2028?
The RRSP dollar limit for the 2028 tax year is $36,390, an increase of $2,580 over the 2026 ceiling.
When did the CRA announce the new RRSP limits?
The Canada Revenue Agency published the updated limits on its registered plans administration page on October 28, 2026.
How is the RR5P limit determined each year?
Each year’s RRSP limit is set equal to the money‑purchase pension plan limit from the previous year, as defined by the Income Tax Act.
Do I need to file any new forms to use the higher RRSP limits?
No additional forms are required; contributions are reported on the regular tax return and the new limits are applied automatically.
