Posted on: 10-03-08 23:43:21
Does anyone know how is RRSP deadline counted? Is it from the day the funds were withdrawn from the bank or the day they were credited in your RRSP account?
TIA
Quote:
Originally posted by newton
Does anyone know how is RRSP deadline counted? Is it from the day the funds were withdrawn from the bank or the day they were credited in your RRSP account?
TIA
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It is generally 60 days from 1st of January. This year it ended on the 29th of February 2008, which fell on a Friday. Most of the offices were open up until 20:00 hours that day.
If you apply for a loan specifically for the RRSP topping or contribution, then, they will provide you with the benefit of the due date and provide you with a receipt for the Current taxation year which is 2007. Any contribution after that deadline will go into the next years' contribution. (Which is 2008).
Hope this helps.
Freddie.
Quote:
Originally posted by newton
Does anyone know how is RRSP deadline counted? Is it from the day the funds were withdrawn from the bank or the day they were credited in your RRSP account?
TIA
There is no such thing as RRSP deadline.
The RRSP contribution can and should be made year round to take advantage of dollar cost averaging.
However, as suggested by Freddie, the contributions made in the first 60 days of the year can be claimed for immediate prior tax year and hence the word 'deadline' used by financial institutions and consultants to goad you in making the RRSP contribution.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
