Question about Tax Return

Jump to Page:
< Previous [ 1 ] Next >

Aurn
Member since: Jan 07

Posts: 76
Location:
Post ID: #PID

Posted on: 17-03-09 09:32:39

Hi,

Anybody explain me what is "Unused RRSP Contribution for year 2008"

I am using tax software to create my tax return for 2008, It asked about following questions

RRSP deduction limit for 2008:

Unused RRSP contribution for 2008:
(get from your last year notice of assessment)

Contribution made this year from March 2008 to Dec 2008:

Contribution made during Jan 2009 to Feb 2009:

Claim Maximum RRSP : Yes/No: (I selected Yes)

I am confused about Unsed RRSP contribution. Unsed RRSP contribution is only applicable if I buy RRSP for that much amount.

For example:

RRSP deduction limit for 2008 = $15,00/=
Unused RRSP contribution of 2008 = $800/=

This year RRSP contribution = $500/=

So, my total RRSP contribution will be 800+500 = 1300/= or only 500?
My refund amount increased when I put number in Unused RRSP contrinution and I am not sure this is correct or wrong.

Pramod Chopra
Member since: Sep 03

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

Posted on: 17-03-09 10:59:04

Quote:
Originally posted by Aurn

Hi,

Anybody explain me what is "Unused RRSP Contribution for year 2008"

I am using tax software to create my tax return for 2008, It asked about following questions

RRSP deduction limit for 2008:

Unused RRSP contribution for 2008:
(get from your last year notice of assessment)

Contribution made this year from March 2008 to Dec 2008:

Contribution made during Jan 2009 to Feb 2009:

Claim Maximum RRSP : Yes/No: (I selected Yes)

I am confused about Unused RRSP contribution. Unused RRSP contribution is only applicable if I buy RRSP for that much amount.

For example:

RRSP deduction limit for 2008 = $15,00/=
Unused RRSP contribution of 2008 = $800/=

This year RRSP contribution = $500/=

So, my total RRSP contribution will be 800+500 = 1300/= or only 500?
My refund amount increased when I put number in Unused RRSP contribution and I am not sure this is correct or wrong.

It seems that you contributed only $500 in RRSP after first 60 days of 2008 till the first 60 days of 2009. This is what you can claim. However, if you have any unused RRSP contributions (The contributions you made in previous years and not deducted) which will show in your 2007 NOA as (B) at the very bottom, then you can claim those amount as well, provided the total amount is still under limit.

Please see carefully your NOA of 2007 and you will get answers to your questions.

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

Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

Aurn
Member since: Jan 07

Posts: 76
Location:
Post ID: #PID

Posted on: 17-03-09 23:18:45

Thanks for the reply, I understand your point.

Jump to Page: < Previous [ 1 ] Next >

Show Printable version

Send this page to a friend

Add to favorites

Discussions similar to: Question about Tax Return
	Topic	Forum	Views	Replies
	Free Tax Filing for New Canadians-West GTA	Accounting and Taxation	4114	4
	Top Eight Reasons NOT to immigrate to Canada ** ( 1 2 3 ... Last )	Jobs	65203	324
	Sticky: Time line from Buffalo,New Delhi and other Consulates ( 1 2 3 ... Last )	Independent Category	72456	41
	Nine ways to save on taxes using RRSPs ( 1 2 3 )	Financial Planning	6348	19
	Top 10 Tax-Filing Tips from ERNST & YOUNG	Accounting and Taxation	1797	0
	Sticky: RRSP 101 (All RSP questions answered) ( 1 2 3 ... Last ) Tax benefits for Canadian Residents	Financial Planning	131098	121
	Sticky: All Home Hunters Unite! ( 1 2 3 ... Last )	Real Estate & Mortgages	68074	201
	Re: Question about RRSP ( 1 2 3 )	Financial Planning	5518	17
	spouser RRSP verses Own RRSP	Financial Planning	2299	3
	Sponsorship of Parents, processing applications received till July 7, 2005 ( 1 2 3 ... Last ) Sponsorship of Parents	Family Class	152787	569
	Lease agreement- Problem at the end of lease ( 1 2 3 )	Real Estate & Mortgages	9174	20
	tax deduction	Financial Planning	2293	6
	Unused RRSP ( 1 2 )	General	4059	7
	Mortgage Paydown Vs RRSP ( 1 2 3 ... Last )	Financial Planning	9797	39
	TFSA ( 1 2 )	Financial Planning	2555	7
	RRSP limit ( 1 2 )	Financial Planning	2522	7
	RRSP - Jan to Dec Schedule	Financial Planning	2175	3
	Question about Tax Return	Accounting and Taxation	1584	2
	The Best Answers to Tough Interview Questions ( 1 2 3 4 )	Jobs	10422	24
	TN Visa to Green Card ( 1 2 3 4 5 )	USA	9488	31
	OVERPAYMENT OF RRSP	Financial Planning	2551	3
	employer pension plan ( 1 2 )	Financial Planning	5903	11
	Question related to RRSP Unused Contribution ( 1 2 )	Financial Planning	3102	7
	Express Entry NEW. EDIT 14 28th JANUARY 2019. ( 1 2 )	Independent Category	15643	8
	WHODATHUNKIT ( 1 2 3 )	General	9154	17

Charcha

Question about Tax Return

Discussions similar to: Question about Tax Return