How do the RRSP contribution carry forward rules work?

Author: External Author | | Categories: Accounting Firm , Accounting Services , Bookkeeper , Bookkeeping Services , Financial Statement Preparation , Personal Tax Services , Small Business Accounting , Tax Accountant , Tax Planning , Tax Services

What are the rules about RRSP carry forwards? Should you ever contribute the full amount? If I have $25,000 contribution room left in my RRSP, can I take that all at once plus my regular RRSP contribution of $27,230 for the tax year 2020? Effectively making a contribution of $57,230 to my RRSP?

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Original Article Source Credits: MoneySense, https://www.moneysense.ca

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Link to Original Article: https://www.moneysense.ca/save/investing/rrsp/how-do-the-rrsp-contribution-carry-forward-rules-work

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