Quote:

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Originally posted by simsim24

Hi,

I immigrated to canada in late 2009.
Was unemployed in 2009 and first few months in 2010. Got employment in May, 2010. My wife is unemployed and a stay at home mother. We have a 2 year old son.

Question:
1. In whose name should i open an RRSP account -my name or my wife's to get a better tax refund?

2. My yearly salary is $85k, but I only earned $55k in 2010 since i was employed from May onwards. What will be my RRSP contribution limit?

3.Since i earned 0 in 2009, my Notice of assessment states that my RRSP contribution room is 0. Can i still make a contribution to my RRSP for 2010, because in 2010 i was employed though i have not yet received my Notice of assessment?

4.Is there any tax startegy that i can use to minimize my taxes-let s ay by transferring income to my wife? If yes, how is it done?

5. Which financial services company should i chose for my RRSP?


Thank you in advance for your help,

Sim

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You can always open up a RRSP account but can only use it for tax reduction in 2012 when you have room from previous year. Make sure you also do a spousal RRSP since your wife is stay at home mom. IM me if you need further answers.

Vikram