RSSP Question

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Trinity
Member since: May 06

Posts: 286
Location: Mississauga/ Toronto, Can
Post ID: #PID

Posted on: 07-04-08 13:15:49

Quote:
Originally posted by Toronto08

Hi,

Does one need to include the RSSP contributions made in Jan - Feb 2008 for the 2007 tax return?

Because the 6000 (that I have contributed to the RSSP is just in 2007)?

Thanks

Based on what I have read online, the RRSP contributions made in Jan & Feb 2008 need to be reported under RRSP contribution in 2007 but you have a choice to claim it in your tax returns for 2007 or 2008.

Similar discussions:
http://www.financialwebring.org/forum/viewtopic.php?p=239627&sid=03f4403e39620c909f641d9b1942e794
http://www.redflagdeals.com/forums/showthread.php?t=564074&page=2
http://www.redflagdeals.com/forums/showthread.php?t=528992

Also, search google for 'RRSP contributions first 60 days' to get more information - http://www.google.ca/search?hl=en&q=RRSP+contributions+first+60+days&meta=.

In addition, do note the $ 2000 over-contribution limit imposed. Anything beyond that will be penalized at 1% per month on the balance excess RRSP amount till withdrawn.

Trinity

Toronto08
Member since: Mar 08

Posts: 10
Location:
Post ID: #PID

Posted on: 07-04-08 13:42:35

Hi,

Thanks for your feedback. A bit confused with all this terminology!

So in schedule 7 - this is how I would fill.

Part A

Line 1 - 2887 (my RSSP room from year 2006 - its not 2600, i had made a mistake)

Line 2 - 6000 (contributed in year 2007)
Line 3 - 1500 (contributed in year Jan - Feb 2008)

Part B - nothing to repay

Part C-

Line 10 - 2887 (which is the lesser amount)

Line 11 - ???? Not sure - lets assume 0 (for the time been)

Line 13 - 2887
Line 14 - 7500 (to carry forward)

1) Now in all this something seems weird ... 7500 is the total contribution from April 2007 to Feb 2008. Why am I carry everything forward and not deducting anything!

2) What do they mean by 'Unused RSSP contributions: amount B of your RSSP Deduction Limit Statement ..' in Part A.

I suspect that to be causing this confusion?

thanks

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