RRSP 101 (All RSP questions answered)

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Poll:RRSP 101 (All RSP questions answered)
Choice		Stats
I find this info useful, thanks.	83% (20)
this is basic info, i know this already!	17% (4)

investpro
Member since: Nov 06

Posts: 1628
Location: carl sagan's universe
Post ID: #PID

Posted on: 20-02-09 07:45:12

usually in a divorce all financial assets are split 50/50.

rajvikas
Member since: Aug 10

Posts: 20
Location:
Post ID: #PID

Posted on: 31-01-12 20:25:32

Hi All

Nice post very comprehensive information....

I did a mistake in my RRSP contribution, i exceeded the contribution limit for 2011 by CAD 8000. I was in the impression that 18% of my 2011 income will also be added to the contribution limit, which is not the case that i came to know last week & i will have to pay 1% penalty on the excess contribution.

Please advise how can i resolve this? there are 2 options that are coming in my mind

1. I contribute less in 2012 to compensate the excess contribution of 2011
2. I withdraw the excess contribution ASAP?

Please advise how can i proceed further in this case

Thanks in Advance!!!!!!

Full House
Member since: Oct 12

Posts: 2677
Location:
Post ID: #PID

Posted on: 02-05-14 15:08:13

Quote:
Originally posted by rajvikas

Hi All

Nice post very comprehensive information....

I did a mistake in my RRSP contribution, i exceeded the contribution limit for 2011 by CAD 8000. I was in the impression that 18% of my 2011 income will also be added to the contribution limit, which is not the case that i came to know last week & i will have to pay 1% penalty on the excess contribution.

Please advise how can i resolve this? there are 2 options that are coming in my mind

1. I contribute less in 2012 to compensate the excess contribution of 2011
2. I withdraw the excess contribution ASAP?

Please advise how can i proceed further in this case

Thanks in Advance!!!!!!

--------

Depending on the date on which you contributed, you might have the option to swing it into the current year, which is 2014. (Any contributions made in Feb 2014, can be swung into 2014 OR 2013.)

All of these contributions that you are talking about now are for the years past.

CURRENT YEAR IS 2014, the return for which will be filed in the NEXT year 2015.( April 30th, 2015) The contributions made can be brought into the next year by simply filing an amendment.

FH.

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