Hello Guys,

I shall be moving to Montreal soon and starting a new job in 1st week of September. I am a new immigrant, with no prior experience in Canada. I would like to start contributing to RRSP, as soon as I become eligible. Is there a waiting period ?, or can I start contributing right away ?. Also, what would be the contribution limit , given I will be working only for four months in the 2007 calendar year ?

What you can do is to contact the Canada Revenue Agency on their helpline. You would definitely have a limit, as it is governed by your previous year's taxed income. But, since you are a new immigrant - might be different for you there. Try calling their info or helpline or visit the website.

As for the waiting period, I don't think there's any. If you company has any scheme then they will let you know. Otherwise, you can register with any Bank or other financial institution to open any RRSP account. You can contact them as well, as they will better let you know. Talk to any Banking Instition, e.g. CIBC, RBC, TD, etc.

Here's Revenue Canada's site address, and other few useful links:

http://www.cra-arc.gc.ca/menu-e.html

http://www.cra-arc.gc.ca/tax/individuals/topics/rrsp/rrsps-e.html

http://standardlife.ca/en/group/retirement/index.html

http://www.cibc.com/ca/retirement/index.html

http://royalbank.ca/

http://www.td.com" rel="nofollow">LINK

Hope, it's useful to you. One more thing, please inquire the same from your company's HR department.

Take care. Good luck.

Preet...