Human Resources Legislative Update
2012 Pension and Retirement Savings Limits Announced
Date: November 7, 2011
The Canada Revenue Agency (“CRA”) has released the 2012 limits for pension plan and retirement savings plans:
- The 2012 annual pension for the year in which a pension commences to be paid under a Defined Benefit pension plan will be limited to $2,646.67 per year of service.
- The 2012 Money Purchase (Defined Contribution) limit will be $23,820.
- The Registered Retirement Savings Plan (“RRSP”) contribution limit in 2012 was previously announced as $22,970. In 2013, the RRSP limit will increase to $23,820.
- The Deferred Profit Sharing Plans contribution limit in 2012 is $11,910.