General contribution limits for RRSPs and TFSAs are set by the government and can be found here. Each person can view their individual contribution limits by logging into their CRA My Account or by looking on their latest notice of assessment under “Available contribution room for [YEAR].”
It is the responsibility of a member to ensure they do not exceed their limits under the Income Tax Act. Members will be solely responsible for any taxes or fines imposed if contributions exceed the RRSP or TFSA limits. We provide education to members about their limits as part of their account.
Members can set up a monthly savings plan, and make other contributions throughout the year as they would like. Monthly savings plans are pro-rated and capped at the annual contribution limits, but if members have more contribution room, they can make additional contributions as they wish.