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Using your unused contribution room

Has a tighter budget kept you from making your usual RRSP contributions? No problem! You can use your unused contribution room to put more into your RRSP when things pick up.

For example, if your maximum contribution for a year is $12,000 but you only contribute $2,000 to your RRSP, you may use the unused $10,000 portion to increase your contribution the following year for a total of $22,000, exceeding the maximum annual limit.

If you should come into some money unexpectedly, (inheritance, lottery winnings), it may be wise to use your unused contribution room and put this money in your RRSP. In some cases, you can even borrow to use your unused contribution room.

Tools and tips

Unexpected windfall: Invest or spend?

An inheritance or lottery winnings: what to do with it.

Read tip - Unexpected windfall: Invest or spend?

RRSP: Don't wait

The sooner you start contributing, the better!

Read tip - The advantages of making early RRSP contributions

An RRSP loan can help you increase your contribution

Borrowing $10,000 for your RRSP could pay off in a big way.

Read tip - Borrowing to contribute to your RRSP

Couples can pay less tax

The higher-earner can contribute to his or her spouse's registered retirement savings plan (RRSP).

Read tip - Contributing to your spouse's RRSP

Pay down your mortgage or contribute to your RRSP?

Your strategy should depend on your lifestyle and your age.

Read tip - Should you pay down your mortgage or contribute to your RRSP?

Should you put your savings in an RRSP or a TFSA?

It all depends on what you want to do with your money.

Read tip - Comparing TFSAs and RRSPs

HBP: Using your RRSP to buy home

How to withdraw part or all of your RRSPs without paying income taxes.

Read tip - Withdrawing from your RRSP without penalty to buy a property

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