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  Canada Immigration Forum > About Canada > Financial Planning > RRSP 101 (All RSP questions answered)
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Poll:RRSP 101 (All RSP questions answered)
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I find this info useful, thanks. 83% (20)
this is basic info, i know this already! 17% (4)

RRSP 101 (All RSP questions answered)




TO-Puttar
Junior Desi
Member since: Jan 06




Posts: 15
Location: Toronto


Quote:
Originally posted by Val

I have not opened up a RRSP as yet, can you advise .For how many years one can carry forward RRSP contribution limit.

Can I hold RRSP investments in U.S.Currency

Thank you



Your contribution limit is carried forward from the year you filed taxes till December 31st of the year you turn 69 years of age. However after you turn 69 your total RRSP savings become taxable. (there are some other tax saving options for retirees, but we wont go into that)

Also, you can have US$ investments as a part of your RRSPs. Currently there is no limit to foreign content in your RRSPs.


 
Post ID: 88244 23-10-06 02:03:37
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TO-Puttar
Junior Desi
Member since: Jan 06




Posts: 15
Location: Toronto

thanks reachash
Thanks for following so closely :) I have edited the T4 mistake in my original post.

I agree with you about the witholding tax. It varys - it could be upto 20% depending on the amount of contribution.

The example i used for showing tax benefits does not include all possibilities either. The reason you cant get your full tax back is the cap limit on RRSP contribution.

My original post was for people with no RRSP savings - so that they start asking questions and learn about registered accounts.

Im not going to lie - the reason i did't write everything about everything is because I dont want to book sales here, readers can go to their own FA. Plus if i tell people everything they'll get confused and waste time thinking about situations that may not apply to them. As long as they ask their FA... im pretty sure their FAs are smart enough.



 
Post ID: 88246 23-10-06 02:52:50
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Val
Senior Desi
Member since: Oct 03




Posts: 189
Location: Toronto


Thank you for your reply.

The whole article was very informative.



 
Post ID: 88306 23-10-06 21:25:11
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reachash
Senior Desi
Member since: Dec 03




Posts: 397
Location: Mississauga


Quote:
Originally posted by TO-Puttar

Thanks for following so closely :) I have edited the T4 mistake in my original post.

I agree with you about the witholding tax. It varys - it could be upto 20% depending on the amount of contribution.

The example i used for showing tax benefits does not include all possibilities either. The reason you cant get your full tax back is the cap limit on RRSP contribution.

My original post was for people with no RRSP savings - so that they start asking questions and learn about registered accounts.

Im not going to lie - the reason i did't write everything about everything is because I dont want to book sales here, readers can go to their own FA. Plus if i tell people everything they'll get confused and waste time thinking about situations that may not apply to them. As long as they ask their FA... im pretty sure their FAs are smart enough.




It was my pleasure...and I never doubted your intentions....I do realise that you started the post for the benefit of readers....but I felt like commenting on incorrect stuff not incomplete stuff....but you did a great job starting this post....as RRSP season is going to start soon....and many readers may have this Qs.

:)

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Let's help each other to grow & prosper in Canada

 
Post ID: 88309 23-10-06 22:33:25
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dp_jain
Senior Desi
Member since: Jan 04




Posts: 418
Location: Brampton


Good post for the benefit of majority of readers.
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Live and Let Live. Together we can make a difference.

DP JAIN, CPA, CGA, CPA (US), CA(I), LL.B.(I)
416-305-0080
(Loans, Mortgage, Tax, Accounting, Investments)

 
Post ID: 88336 24-10-06 11:28:17
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desiM
Junior Desi
Member since: Nov 06




Posts: 4
Location:


Quote:
Originally posted by reachash

Quote:
Originally posted by TO-Puttar
5. How many RRSP's can I have?
Ans. As many as you like, and in 2-3 different banks if you wish, but you can only contribute upto your limit every year. This is called \\\"Contribution Limit\\\" , it is given on your T4.



The ontribution limit of a particular year is showing up on pr year's NOA(Notice of assessment)...not on T4....for example, if you want to find out the max limit that you can contribute, please check bottom portion of the second page of your notice of assessment from previous year.....so to be precise...one can't start contributing to RRSP till first inome tax return is assessed.





Hi there,

This is a very useful article. I have immigrated to Canada in this year only. Can I open RRSP account immediately and putting money in that?

Cheers


 
Post ID: 89353 08-11-06 18:38:37
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reachash
Senior Desi
Member since: Dec 03




Posts: 397
Location: Mississauga


Quote:
Originally posted by desiM

Quote:
Originally posted by reachash

Quote:
Originally posted by TO-Puttar
5. How many RRSP's can I have?
Ans. As many as you like, and in 2-3 different banks if you wish, but you can only contribute upto your limit every year. This is called \\\"Contribution Limit\\\" , it is given on your T4.



The ontribution limit of a particular year is showing up on pr year's NOA(Notice of assessment)...not on T4....for example, if you want to find out the max limit that you can contribute, please check bottom portion of the second page of your notice of assessment from previous year.....so to be precise...one can't start contributing to RRSP till first inome tax return is assessed.





Hi there,

This is a very useful article. I have immigrated to Canada in this year only. Can I open RRSP account immediately and putting money in that?

Cheers



No you can't start contributing towards your RRSP untill you have filed your first return and have recd NOA...coz that tells you your contribution limit....hope this helps...

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Let's help each other to grow & prosper in Canada

 
Post ID: 89367 09-11-06 00:19:43
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desiM
Junior Desi
Member since: Nov 06




Posts: 4
Location:


Quote:


Hi there,

This is a very useful article. I have immigrated to Canada in this year only. Can I open RRSP account immediately and putting money in that?

Cheers



No you can't start contributing towards your RRSP untill you have filed your first return and have recd NOA...coz that tells you your contribution limit....hope this helps...



Hi,

Thanks for the reply. I just want to open my RRSP account and start putting small amounts every week / month. I dont think that I would put more amount than the contribution limit. Is there anything that stops me from doing so..And I dont mind if I exceed the limit. At least, I will be investing and growing the money, rather than doing nothing.

Cheers

 
Post ID: 89440 09-11-06 20:20:11
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Pramod Chopra
Senior Desi
Member since: Sep 03




Posts: 1284
Location: Pickering, ON


Quote:
Originally posted by desiM

Quote:


Hi there,

This is a very useful article. I have immigrated to Canada in this year only. Can I open RRSP account immediately and putting money in that?

Cheers



No you can't start contributing towards your RRSP untill you have filed your first return and have recd NOA...coz that tells you your contribution limit....hope this helps...



Hi,

Thanks for the reply. I just want to open my RRSP account and start putting small amounts every week / month. I dont think that I would put more amount than the contribution limit. Is there anything that stops me from doing so..And I dont mind if I exceed the limit. At least, I will be investing and growing the money, rather than doing nothing.

Cheers



You can certainly open RRSP account and start investing with out any problem subject to the total amount does not exceed $2000 in the year 2006 and you would not be subjected to any penalties. However, you can not claim tax deduction for this amount when you file return for tax year 2006 in March-April 2007. The tax deduction for this would be available to you only starting tax year 2007 subject to your contribution limit which you would come to know after you file your tax return for tax year 2006.

I hope this clarifies as I do it for my clients all the time.

Good Luck



-----------------------------------------------------------------


Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada



 
Last edited by: Pramod Chopra on 10-11-06 13:49:41
Post ID: 89443 09-11-06 23:14:42
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reachash
Senior Desi
Member since: Dec 03




Posts: 397
Location: Mississauga


Quote:
Originally posted by desiM

Quote:


Hi there,

This is a very useful article. I have immigrated to Canada in this year only. Can I open RRSP account immediately and putting money in that?

Cheers



No you can't start contributing towards your RRSP untill you have filed your first return and have recd NOA...coz that tells you your contribution limit....hope this helps...



Hi,

Thanks for the reply. I just want to open my RRSP account and start putting small amounts every week / month. I dont think that I would put more amount than the contribution limit. Is there anything that stops me from doing so..And I dont mind if I exceed the limit. At least, I will be investing and growing the money, rather than doing nothing.

Cheers



If you need any suggestions, feel free to contact me.
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Post ID: 89444 10-11-06 00:01:59
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