Here are some rules regarding your RRSP contribution for the 2016 tax year.
You can contribute to your RRSP until December 31 of the year you turn 71.
The RRSP contribution limit for the 2016 tax year is $25,370.
Your maximum contribution is as follows: 18% of your earned income for that year minus any contributions made to a company pension plan for that year.
Earned income can include salary, alimony and rental income. Investment income is not considered earned income for the purpose of calculating the maximum RRSP contribution.
You may add to your maximum contribution any unused amounts from previous years as indicated on your 2015 Notice of Assessment.
In the case of pension or deferred profit sharing, a pension adjustment ( PA ) will appear on your T4 slip. The PA must be deducted from your maximum contribution for that year.
If in doubt, please contact me. I will be happy to answer any questions you may have. If you wish to borrow money to contribute to your RRSP, I can get you excellent conditions