Unused RRSP contributions

Unused RRSP contributions are the amount of your registered Retirement Savings Plan (RRSP) contributions that you could not deduct or have chosen not to deduct and that did not designate as an HBP or LLP repayment for any year.

RRSP deduction limit

RRSP deduction limit is the maximum amount you can deduct from contributions you made to your RRSPs or to your spouse’s RRSP or common-law partner’s RRSP (Spousal or common-law partner RRSP) for a year (excluding transfers to your RRSPs of certain types of qualifying income).

RRSP limit

RRSP limit is the maximum amount of new RRSP deduction room that you can create for a year and is one of the amounts used to determine your RRSP deduction limit for that year.

Registered Retirement Savings Plan (RRSP)

Registered Retirement Savings Plan (RRSP) is a special type of accounts holding savings and investments. It is a Canadian government regulated program, with special tax benefits, to help Canadians save for retirement.

TFSA contribution room

Your tax-free savings account (TFSA) contribution room is the maximum amount that you can contribute to your TFSA.  Your contribution room accumulates every year even if  you do not file an income tax return or open a TFSA.

Recapture of capital cost allowance (CCA)

On the disposal of an asset of a class, there may be a recapture of capital cost allowance (CCA) if the undepreciated capital cost (UCC) at the end of the taxation year, before taking into account the disposition, is less than the lesser of the proceeds of disposition or the capital cost of the asset.