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RRSPs

Contributions to an RRSP made no later than March 2, 1998, are deductible in 1997. The amount deductible in 1997 is equal to the total of 18% of earned income of 1996 (maximum $13500) and the balance of unused deductions at the end of 1996. This limit is then reduced, for employees belonging to a registered pension plan (RPP) or a deferred profit sharing plan (DRSP), by the pension adjustment (PA) for 1996, which cannot exceed $12500.

Earned income includes net employment income, net income from a business or from the rental of property, and certain other income such as alimony, and is reduced by any net loss from a business or from the rental of property, and any alimony paid.

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