I have more than $30000 left in my RRSP contribution. Can I contribute that much in this year or there is any maximum limit I cannot cross in any given year.
Please advise
Posts: 2873
Location: Western Hemisphere
Posted on: 14-12-09 15:17:32
Location: Western Hemisphere
Posted on: 14-12-09 15:17:32
Yes, you can contribute upto the allowed room. In order to get credit for 2009 contribution, you will have to do it by Mar 1, 2010.
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Dimple2001
Quote:
Originally posted by dimple2001
Yes, you can contribute upto the allowed room. In order to get credit for 2009 contribution, you will have to do it by Mar 1, 2010.
I don't understand the allowed room. My last notice of assessment showed that my contribution room is > $30000 which I accumulated over the years. As I am at higher tax bracket and I want to contribute $30000 into RSP. Can I do it or NOT?
Posts: 2873
Location: Western Hemisphere
Posted on: 14-12-09 15:54:50
Location: Western Hemisphere
Posted on: 14-12-09 15:54:50
Quote:
Originally posted by web2000
Quote:
Originally posted by dimple2001
Yes, you can contribute upto the allowed room. In order to get credit for 2009 contribution, you will have to do it by Mar 1, 2010.
I don't understand the allowed room. My last notice of assessment showed that my contribution room is > $30000 which I accumulated over the years. As I am at higher tax bracket and I want to contribute $30000 into RSP. Can I do it or NOT?
Yes, you can.
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Dimple2001
Quote:
Originally posted by dimple2001
Quote:
Originally posted by web2000
Quote:
Originally posted by dimple2001
Yes, you can contribute upto the allowed room. In order to get credit for 2009 contribution, you will have to do it by Mar 1, 2010.
I don't understand the allowed room. My last notice of assessment showed that my contribution room is > $30000 which I accumulated over the years. As I am at higher tax bracket and I want to contribute $30000 into RSP. Can I do it or NOT?
Yes, you can.
Thanks.
I thought there is max limit set on any given taxation year besides the unused contribution limit over the previous years.
Posts: 2873
Location: Western Hemisphere
Posted on: 14-12-09 16:26:30
Location: Western Hemisphere
Posted on: 14-12-09 16:26:30
Quote:
Originally posted by web2000
I thought there is max limit set on any given taxation year besides the unused contribution limit over the previous years.
Just a FYI...
Total amount you can contribute from Jan 1, xxxx to Mar 1 of following year:
1. 18% of past year's Earned Income or CRA limit for that tax year <minus>
2. Past year's pension adjustment <minus>
3. Current year "past service pension adjustment" (if any) <PLUS>
4. Contribution room from previous years
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Dimple2001
Quote:
Originally posted by dimple2001
Quote:
Originally posted by web2000
I thought there is max limit set on any given taxation year besides the unused contribution limit over the previous years.
Just a FYI...
Total amount you can contribute from Jan 1, xxxx to Mar 1 of following year:
1. 18% of past year's Earned Income or CRA limit for that tax year <minus>
2. Past year's pension adjustment <minus>
3. Current year "past service pension adjustment" (if any) <PLUS>
4. Contribution room from previous years
Thanks.
This clarifies that I can use any % my unused contribution room in any taxation year (Especially the year in which I am at higher tax bracket)
