Question about Tax Return

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Aurn
Member since: Jan 07

Posts: 76
Location:
Post ID: #PID

Posted on: 17-03-09 09:32:39

Hi,

Anybody explain me what is "Unused RRSP Contribution for year 2008"

I am using tax software to create my tax return for 2008, It asked about following questions

RRSP deduction limit for 2008:

Unused RRSP contribution for 2008:
(get from your last year notice of assessment)

Contribution made this year from March 2008 to Dec 2008:

Contribution made during Jan 2009 to Feb 2009:

Claim Maximum RRSP : Yes/No: (I selected Yes)

I am confused about Unsed RRSP contribution. Unsed RRSP contribution is only applicable if I buy RRSP for that much amount.

For example:

RRSP deduction limit for 2008 = $15,00/=
Unused RRSP contribution of 2008 = $800/=

This year RRSP contribution = $500/=

So, my total RRSP contribution will be 800+500 = 1300/= or only 500?
My refund amount increased when I put number in Unused RRSP contrinution and I am not sure this is correct or wrong.

Pramod Chopra
Member since: Sep 03

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

Posted on: 17-03-09 10:59:04

Quote:
Originally posted by Aurn

Hi,

Anybody explain me what is "Unused RRSP Contribution for year 2008"

I am using tax software to create my tax return for 2008, It asked about following questions

RRSP deduction limit for 2008:

Unused RRSP contribution for 2008:
(get from your last year notice of assessment)

Contribution made this year from March 2008 to Dec 2008:

Contribution made during Jan 2009 to Feb 2009:

Claim Maximum RRSP : Yes/No: (I selected Yes)

I am confused about Unused RRSP contribution. Unused RRSP contribution is only applicable if I buy RRSP for that much amount.

For example:

RRSP deduction limit for 2008 = $15,00/=
Unused RRSP contribution of 2008 = $800/=

This year RRSP contribution = $500/=

So, my total RRSP contribution will be 800+500 = 1300/= or only 500?
My refund amount increased when I put number in Unused RRSP contribution and I am not sure this is correct or wrong.

It seems that you contributed only $500 in RRSP after first 60 days of 2008 till the first 60 days of 2009. This is what you can claim. However, if you have any unused RRSP contributions (The contributions you made in previous years and not deducted) which will show in your 2007 NOA as (B) at the very bottom, then you can claim those amount as well, provided the total amount is still under limit.

Please see carefully your NOA of 2007 and you will get answers to your questions.

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

Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

Aurn
Member since: Jan 07

Posts: 76
Location:
Post ID: #PID

Posted on: 17-03-09 23:18:45

Thanks for the reply, I understand your point.

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