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RRSP 101 (All RSP questions answered)

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)


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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)

dp_jain   
Member since: Jan 04
Posts: 418
Location: Brampton
Post ID: #PID Posted on: 24-10-06 11:28:17

Good post for the benefit of majority of readers.


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Live and Let Live. Together we can make a difference.

DP JAIN, CPA, CGA, CPA (US), CA(I), LL.B.(I)
416-305-0080
(Loans, Mortgage, Tax, Accounting, Investments)


desiM   
Member since: Nov 06
Posts: 4
Location:
Post ID: #PID Posted on: 08-11-06 18:38:37

Quote:
Originally posted by reachash

Quote:
Originally posted by TO-Puttar
5. How many RRSP's can I have?
Ans. As many as you like, and in 2-3 different banks if you wish, but you can only contribute upto your limit every year. This is called \\\"Contribution Limit\\\" , it is given on your T4.


The ontribution limit of a particular year is showing up on pr year's NOA(Notice of assessment)...not on T4....for example, if you want to find out the max limit that you can contribute, please check bottom portion of the second page of your notice of assessment from previous year.....so to be precise...one can't start contributing to RRSP till first inome tax return is assessed.




Hi there,

This is a very useful article. I have immigrated to Canada in this year only. Can I open RRSP account immediately and putting money in that?

Cheers



reachash   
Member since: Dec 03
Posts: 397
Location: Mississauga
Post ID: #PID Posted on: 09-11-06 00:19:43

Quote:
Originally posted by desiM

Quote:
Originally posted by reachash

Quote:
Originally posted by TO-Puttar
5. How many RRSP's can I have?
Ans. As many as you like, and in 2-3 different banks if you wish, but you can only contribute upto your limit every year. This is called \\\"Contribution Limit\\\" , it is given on your T4.


The ontribution limit of a particular year is showing up on pr year's NOA(Notice of assessment)...not on T4....for example, if you want to find out the max limit that you can contribute, please check bottom portion of the second page of your notice of assessment from previous year.....so to be precise...one can't start contributing to RRSP till first inome tax return is assessed.




Hi there,

This is a very useful article. I have immigrated to Canada in this year only. Can I open RRSP account immediately and putting money in that?

Cheers


No you can't start contributing towards your RRSP untill you have filed your first return and have recd NOA...coz that tells you your contribution limit....hope this helps...


-----------------------------------------------------------------
Let's help each other to grow & prosper in Canada


desiM   
Member since: Nov 06
Posts: 4
Location:
Post ID: #PID Posted on: 09-11-06 20:20:11

Quote:


Hi there,

This is a very useful article. I have immigrated to Canada in this year only. Can I open RRSP account immediately and putting money in that?

Cheers


No you can't start contributing towards your RRSP untill you have filed your first return and have recd NOA...coz that tells you your contribution limit....hope this helps...


Hi,

Thanks for the reply. I just want to open my RRSP account and start putting small amounts every week / month. I dont think that I would put more amount than the contribution limit. Is there anything that stops me from doing so..And I dont mind if I exceed the limit. At least, I will be investing and growing the money, rather than doing nothing.

Cheers



Pramod Chopra   
Member since: Sep 03
Posts: 1284
Location: Pickering, ON
Post ID: #PID Posted on: 09-11-06 23:14:42

Quote:
Originally posted by desiM

Quote:


Hi there,

This is a very useful article. I have immigrated to Canada in this year only. Can I open RRSP account immediately and putting money in that?

Cheers


No you can't start contributing towards your RRSP untill you have filed your first return and have recd NOA...coz that tells you your contribution limit....hope this helps...


Hi,

Thanks for the reply. I just want to open my RRSP account and start putting small amounts every week / month. I dont think that I would put more amount than the contribution limit. Is there anything that stops me from doing so..And I dont mind if I exceed the limit. At least, I will be investing and growing the money, rather than doing nothing.

Cheers


You can certainly open RRSP account and start investing with out any problem subject to the total amount does not exceed $2000 in the year 2006 and you would not be subjected to any penalties. However, you can not claim tax deduction for this amount when you file return for tax year 2006 in March-April 2007. The tax deduction for this would be available to you only starting tax year 2007 subject to your contribution limit which you would come to know after you file your tax return for tax year 2006.

I hope this clarifies as I do it for my clients all the time.

Good Luck



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


Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada



reachash   
Member since: Dec 03
Posts: 397
Location: Mississauga
Post ID: #PID Posted on: 10-11-06 00:01:59

Quote:
Originally posted by desiM

Quote:


Hi there,

This is a very useful article. I have immigrated to Canada in this year only. Can I open RRSP account immediately and putting money in that?

Cheers


No you can't start contributing towards your RRSP untill you have filed your first return and have recd NOA...coz that tells you your contribution limit....hope this helps...


Hi,

Thanks for the reply. I just want to open my RRSP account and start putting small amounts every week / month. I dont think that I would put more amount than the contribution limit. Is there anything that stops me from doing so..And I dont mind if I exceed the limit. At least, I will be investing and growing the money, rather than doing nothing.

Cheers


If you need any suggestions, feel free to contact me.


-----------------------------------------------------------------
Let's help each other to grow & prosper in Canada


desipyare   
Member since: Nov 06
Posts: 1
Location:
Post ID: #PID Posted on: 11-11-06 14:00:30

Hello,

This is an excellent article. I thank everybody for making this article so informative.

I read somewhere that the contribution limit of RRSP is 18 % of the earned income. What does \" earned income\" means? Is it total income or net income with deduction of federal taxes, EI and CPP?

Thanks in advance:)



Contributors: investpro(34) Pramod Chopra(11) reachash(6) DP_gta(6) frnd(5) Ash20(4) TO-Puttar(4) Fido(4) regar(4) Mr.Scorpio(4) sallusworld(3) Big Vee(3) desiM(3) Blue_Peafowl(2) Shah(2) Iceberg(2) pratickm(2) VJ(2) Val(2) sumjo(1) dp_jain(1) kisi143(1) rsbagwell(1) BlueLobster(1) Bingo(1) parth1970(1) Toronto_Puttar(1) ihpatel(1) JRF(1) RESP(1) desipyare(1) sw33tc0rn(1) rajvikas(1) blabber(1) surtalme(1) Full House(1) sendneeraj(1) hchheda(1)



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