RRSP and RESP -- Can i contribute ?

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kabutar12
Member since: Nov 08

Posts: 130
Location: Brampton
Post ID: #PID

Posted on: 30-01-09 10:34:48

I moved to Canada in mid of November (2008) and since then i am working.

Now considering i am new to Canada, can i contribute to RRSP or will i have to wait for some time.( before i can start my contribution).
If answer is Yes then how much can i contribute (%).
Also can i transfer my 401K funds to RRSP ?

Secondly my daughter was born in USA after we completed our landing formalities, so she is not Canadian PR, we have sponsored her and it will take around 7 months.
So considering she is not Canadian PR, can i open RESP account for her.

Pramod Chopra
Member since: Sep 03

Posts: 1284
Location: Pickering, ON
Post ID: #PID

Posted on: 30-01-09 12:42:11

Quote:
Originally posted by kabutar12

I moved to Canada in mid of November (2008) and since then i am working.

Now considering i am new to Canada, can i contribute to RRSP or will i have to wait for some time.( before i can start my contribution).
If answer is Yes then how much can i contribute (%).
Also can i transfer my 401K funds to RRSP ?

Secondly my daughter was born in USA after we completed our landing formalities, so she is not Canadian PR, we have sponsored her and it will take around 7 months.
So considering she is not Canadian PR, can i open RESP account for her.

You can start contributing to your RRSP but can not claim any thing before 2009 tax year return. And that too based on the 18% of the earned income of 2008. So what ever you contribute will hopefully continue to grow (remember RRSP is generally long term investment like your 401 K) and you can start deducting these contributions regularly starting with your 2010 tax return.

AFAIK you can not roll over your 401k directly to your RRSP. The US will not allow that and you would have to withdraw the money, pay taxes, show that money as your income in Canadian Tax Return and then contribute to RRSP. However, I will re confirm this and post any other pertinant information on this aspect.

Your daughter have to be a Canadian PR and have SIN number to open her RESP account.

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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

Posted on: 30-01-09 13:58:33

No, you cannot do a direct rollover of 401k into RRSP. What Pramod stated is right.

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Dimple2001

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RRSP and RESP -- Can i contribute ?

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