RSSP Losses

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mitsaus
Member since: Mar 09

Posts: 39
Location:
Post ID: #PID

Posted on: 16-03-09 15:18:29

Hi,

I have suffered close to $1200 loss on my RSSP.
Can I claim those losses on my income tax return?

Thanks

Pramod Chopra
Member since: Sep 03

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

Posted on: 16-03-09 16:11:31

Quote:
Originally posted by mitsaus

Hi,

I have suffered close to $1200 loss on my RSSP.
Can I claim those losses on my income tax return?

Thanks

No.

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

Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

sville
Member since: Dec 08

Posts: 242
Location:
Post ID: #PID

Posted on: 16-03-09 19:28:14

Quote:
Originally posted by Pramod Chopra

Quote:
Originally posted by mitsaus

Hi,

I have suffered close to $1200 loss on my RSSP.
Can I claim those losses on my income tax return?

Thanks

No.

Same for TFSA as well.

benparsad
Member since: Jan 06

Posts: 412
Location:
Post ID: #PID

Posted on: 16-03-09 23:21:34

CRA is like better half. Will share your PUNYA (good deed) and not PAAP (sin).

-Ben

investpro
Member since: Nov 06

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

Posted on: 17-03-09 07:26:58

Quote:
Originally posted by Pramod Chopra

Quote:
Originally posted by mitsaus

Hi,

I have suffered close to $1200 loss on my RSSP.
Can I claim those losses on my income tax return?

Thanks

No.

Hi Pramod,

What if the losses have been realised?

I.e. If due to some reason I withdrew $5,000 from my RRSP last year which was originally worth $7,000, can I not offset the $2,000 loss against a profit made elsewhere?

Please note I am projecting a picture of an actual loss not a paper loss.

Pramod Chopra
Member since: Sep 03

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

Posted on: 17-03-09 13:37:33

Quote:
Originally posted by investpro

Quote:
Originally posted by Pramod Chopra

Quote:
Originally posted by mitsaus

Hi,

I have suffered close to $1200 loss on my RSSP.
Can I claim those losses on my income tax return?

Thanks

No.

Hi Pramod,

What if the losses have been realised?

I.e. If due to some reason I withdrew $5,000 from my RRSP last year which was originally worth $7,000, can I not offset the $2,000 loss against a profit made elsewhere?

Please note I am projecting a picture of an actual loss not a paper loss.

HI Mr. Pro,

I gave simple answer to a very simple question and pardon my ignorance, as I do not see when the losses from investment in RRSP can be claimed as capital losses.

Please enlighten us with example as to when, if at all, these losses can be claimed.

Thanks in advance.

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

Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

chandresh
Member since: Mar 03

Posts: 2606
Location: Toronto
Post ID: #PID

Posted on: 17-03-09 17:37:43

Quote:
Originally posted by investpro

Hi Pramod,

What if the losses have been realised?

I.e. If due to some reason I withdrew $5,000 from my RRSP last year which was originally worth $7,000, can I not offset the $2,000 loss against a profit made elsewhere?

Please note I am projecting a picture of an actual loss not a paper loss.

Would I be able to get an answer if I thought in this manner:

1. On what amount did I save tax for money put in and grown in RRSP?

2. What amount do I have to pay tax on when withdrawing from RRSP?

-----------------------------------------------------------------
Chandresh

Advice is free – lessons I charge for!!

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