Rssp Contribution Room

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jatinaz
Member since: Aug 08

Posts: 25
Location:
Post ID: #PID

Posted on: 16-04-09 15:54:56

Hi,

I wanted to withdraw some funds from my RSSP account. I remember reading somewhere that if you withdraw funds that you lose your contribution room.

At the moment I can contribute around $6000 for next year based on my income this year.

Does losing your contribution room mean that I have to start from scretch [and i lose $6000 worth of contribution room]?

Thanks

dalsania_nh
Member since: Jan 08

Posts: 29
Location: markham
Post ID: #PID

Posted on: 19-04-09 07:52:34

You do not loose your contribution room for the next year if you withdraw from your RRSP. Only thing is the amount that you withdraw from your RRSP will be subject to tax withheld and will be added as your income for that financial year.

sville
Member since: Dec 08

Posts: 242
Location:
Post ID: #PID

Posted on: 19-04-09 16:36:42

Quote:
Originally posted by jatinaz
I wanted to withdraw some funds from my RSSP account. I remember reading somewhere that if you withdraw funds that you lose your contribution room.

If you withdraw any amount from your RRSP, you will not be able to go back to CRA/Banks and deposit any amount against that withdrawal (yes, against that withdrawal).

So, whatever you read regarding "loosing room", might be regarding this.

In a way, I like TFSA. You contribute, contribute, contribute. now you go and withdraw. Then you can go and deposit your contribution against that previously withdraw-room.

jatinaz
Member since: Aug 08

Posts: 25
Location:
Post ID: #PID

Posted on: 19-04-09 17:40:28

Thanks for Clarifying.

pratickm
Member since: Feb 04

Posts: 2831
Location: Toronto
Post ID: #PID

Posted on: 19-04-09 20:00:57

Quote:
Originally posted by sville
In a way, I like TFSA. You contribute, contribute, contribute. now you go and withdraw. Then you can go and deposit your contribution against that previously withdraw-room.

Only next year though - not the same year.

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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"

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