This RRSP Season, Spectra Credit Union wants to point you in the right direction. 

At Spectra, we understand that you may have questions at RRSP time.  We are here to point you in the right direction.  Our knowledgeable branch staff can help you out during branch hours.  Too busy to make it in during branch hours? The staff at our TeleService Contact Centre are available extended hours to assist you.

RRSP Quick Facts:

• The current RRSP contribution limit is 18% of your previous year's "earned income" to a maximum of $21,000 for 2009, and $22,000 for 2010.  Registered Pension Plan (RPP) holders must deduct their previous year's Pension Adjustment (PA) from their maximum RRSP contribution amount to figure out how much they can put in their RRSP for the year.
• Unused RRSP contribution room can be carried forward indefinitely.  Check your Notice of Assessment from Canada Revenue Agency (CRA) for your total allowable contributions carried forward.
• CRA carefully defines the term "earned income" for RRSP purposes.  amount the items to be included are salary or wages, rental income, alimony received, net business income, and disability benefits paid by the Canada Pension Plan.  Earned income does not include investment income, retiring allowances or severance pay, taxable capital gains, or pension income.  See your investment professional, accountant, or a CRA representative for further details on the earned income calculation.