RRSP contributions: Important dates and details
If you’re planning on contributing to your Canada Life RRSP this year, here’s what you need to know to make the most out of your contributions.
RRSP contribution limit
You can find your RRSP deduction limit (how much you can contribute) on your most recent notice of assessment. You can also find it by signing into My Account on the CRA website.
Generally, here’s how the CRA calculates your deduction limit:
- Take the total of your unused deduction room from the previous year
- Add the smaller amount of:
- 18% of the earned income you reported on your tax return last year
- $32,490 (the annual limit for 2025) - Less any pension adjustment from the previous year (if applicable)
RRSP contribution deadline
Eligible Canadians have until March 2, 2026 to make RRSP contributions for the 2025 tax year.
RRSP processing times
Be mindful of processing times when contributing to your Canada Life RRSP. When funds are being sent from another financial institution, it can take 2 to 4 business days (weekdays, excluding holidays) to process.
RRSP receipt periods
- Receipts for contributions made between March 4 to Dec. 31, 2025 will be generated no later than Jan. 31, 2026.
- Receipts for contributions made between Jan. 1 to March 2, 2026 will be generated no later than March 31, 2026.
TFSA contributions: Important dates and details
If you’re planning on contributing to your Canada Life TFSA this year, here’s what you need to know to make the most out of your contributions.
TFSA contribution limit
Your 2025 tax-free savings account (TFSA) limit is $7,000, plus any contribution room you haven’t used from previous years, plus any withdrawals made from your TFSA in the previous year. You can also find it by signing into My Account on the CRA website.
TFSA contribution deadline
Eligible Canadians have until Dec. 30, 2025 to make TFSA contributions for the 2025 tax year.
TFSA contribution room
If you made a withdrawal from your TFSA in 2025 and want the contribution room back for 2026, withdrawal requests must be received by Dec. 21, 2025.
TFSA processing times
Be mindful of processing times when contributing to your Canada Life TFSA. When funds are being sent from another financial institution, it can take 2 to 4 business days (weekdays, excluding holidays) to process.
2025 contribution limits for registered pension plans and deferred profit sharing plans
Defined contribution registered pension plans contribution limit is $33,810.
Defined benefit registered pension plans maximum pension benefit (per year of service) contribution limit is $3,756.67.
Deferred profit sharing plans contribution limit is $16,905.
How to contribute
Want to contribute more to your workplace retirement plan? Here’s how.
If you have a retirement plan through your employer:
- Sign into My Canada Life at Work™ on the website or app.
- Select Contribute more from the main screen.
- Select Add new then Online banking and follow the instructions from there.
If you have individual investments, contact your advisor to contribute more.
How to access your tax receipts
Find out how you can access your tax receipts online.
Additional resources
What’s the difference between a TFSA and an RRSP?
Registered retirement savings plan (RRSP)