RRSP question. Urgent advise needed.

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web2000
Member since: May 06

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Posted on: 14-12-09 15:12:27

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

dimple2001
Member since: Apr 04

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

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

web2000
Member since: May 06

Posts: 849
Location:
Post ID: #PID

Posted on: 14-12-09 15:25:07

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?

dimple2001
Member since: Apr 04

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

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

web2000
Member since: May 06

Posts: 849
Location:
Post ID: #PID

Posted on: 14-12-09 16:00:27

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.

dimple2001
Member since: Apr 04

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

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

web2000
Member since: May 06

Posts: 849
Location:
Post ID: #PID

Posted on: 14-12-09 16:58:20

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)

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