hey all,
ever since I have been investing in RRSP, I have been following a Jan to Dec schedule when claiming the deductions in my tax return.
what I mean is, even though I contribute monthly, when filing taxes, I claim my contributions from the previous years' Jan to dec only.
The contributions made between Jan and Feb of current year I claim next year.
So if between Jan and Dec 2008, I contributed $10,000 and contributed $2,000 during Jan and Feb 2009, I claim only $10,000 in 2008 tax return.
During Mar and Dec of 2009, if I contribute $8,000, I will claim the $2000 + $8000 = $10,000 in 2009 tax return next year.
My question is whether this is ok or not.
Am I inadvertently doing something wrong and should I follow a Mar to Feb schedule for RRSP or is Jan - Dec ok?
Many thanks
Quote:
Originally posted by NewDesiInTown
hey all,
ever since I have been investing in RRSP, I have been following a Jan to Dec schedule when claiming the deductions in my tax return.
what I mean is, even though I contribute monthly, when filing taxes, I claim my contributions from the previous years' Jan to dec only.
The contributions made between Jan and Feb of current year I claim next year.
So if between Jan and Dec 2008, I contributed $10,000 and contributed $2,000 during Jan and Feb 2009, I claim only $10,000 in 2008 tax return.
During Mar and Dec of 2009, if I contribute $8,000, I will claim the $2000 + $8000 = $10,000 in 2009 tax return next year.
My question is whether this is ok or not.
Am I inadvertently doing something wrong and should I follow a Mar to Feb schedule for RRSP or is Jan - Dec ok?
Many thanks
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:Thanks, Mr. Chopra.
Originally posted by Pramod Chopra
Of course, out of this contribution you can claim deduction for either whole contribution or for partial contribution and carry forward undeducted contribution for future years.
I hope this clarifies.
Quote:
Originally posted by NewDesiInTown
Quote:Thanks, Mr. Chopra.
Originally posted by Pramod Chopra
Of course, out of this contribution you can claim deduction for either whole contribution or for partial contribution and carry forward undeducted contribution for future years.
I hope this clarifies.
So how do I fix this now?
For 2009 tax return, should I report all contributions from Jan 2009 till Feb 2010?
-----------------------------------------------------------------
Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
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