Hi,
Just wanted to find out - if you RSSP room is 2600 and you've paid 6000 - is their a way to claim only 2600 this year on this year tax return and save the remaining until next year?
I remember reading something along those lines in the Globe and Mail. Found that article at
http://www.reality-check.ca/showthread.php?t=148112
What are your thoughts?
Thanks in advance.
Location: Amidst a glow in the sky.
Posted on: 24-03-08 21:27:48
Yes, claim 2600 this year, and 3400 next year, if your room for next year is 3400 or more.
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Location: Toronto (416-7305795)
Posted on: 25-03-08 20:01:38
Quote:
Originally posted by Toronto08
Hi,
Just wanted to find out - if you RSSP room is 2600 and you've paid 6000 - is their a way to claim only 2600 this year on this year tax return and save the remaining until next year?
I remember reading something along those lines in the Globe and Mail. Found that article at
http://www.reality-check.ca/showthread.php?t=148112
What are your thoughts?
Thanks in advance.
Yes ,
And in many cases, you probably should. Don't confuse your RRSP contribution with your RRSP deduction.
When you file your tax return, your RRSP contribution is deducted from your taxable income. But, if you don't have enough income to make deduction of the the entire amount .worthwhile you can carry it forward and deduct in a subsequent year when it might be more beneficial. Why wait? Because you think your income, and therefore your tax bracket, is likely to go up in the future.
Hope this helps.
TS
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TS
Hi,
Does one need to include the RSSP contributions made in Jan - Feb 2008 for the 2007 tax return?
Because the 6000 (that I have contributed to the RSSP is just in 2007)?
Thanks
Quote:
Originally posted by Toronto08
Hi,
Does one need to include the RSSP contributions made in Jan - Feb 2008 for the 2007 tax return?
Because the 6000 (that I have contributed to the RSSP is just in 2007)?
Thanks
RRSP contributions made in the first 60 days of 2008 are to be included in 2007 year tax return.
However, you can claim RRSP deductions only up to your deduction limit available as per your Notice of Assessment for your 2006 year tax return. If you do not wish to claim the total amount of deduction room available to you, you can claim any amount lower than the room available and carry the remaining amount as your 'undeducted contribution' to be claimed in future years when you feel that your income would be much higher than it is now.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
RRSP
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Indo-Canadian
Location: Amidst a glow in the sky.
Posted on: 06-04-08 08:52:05
Quote:
Originally posted by samit_choudhary
.....
Chaudhary Bhayya,
Not to start a fight with you here, but who else on this thread (or the forum) had a formal invitation?
Investpro does seem to have a command over the topics he discusses and contributes to.
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No trees were killed by this post, but a large number of electrons were terribly inconvenienced.
__________________________________
George Malley: Hey, would you, uh, love me the rest of my life?
Lace Pennamin: No. I'm gonna love you for the rest of mine.
__________________________________
None of us knows God until someone introduces us - Life of Pi
