Comments on: Do I Have To Deduct My RRSP Contribution This Year or Can I Deduct It In The Future? http://blog.taxresource.ca/do-i-have-to-deduct-my-rrsp-contribution-this-year-or-can-i-deduct-it-in-the-future/ Canadian Tax Help & Financial Planning Resources Sun, 12 Feb 2012 02:53:18 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Tax Guyhttp://blog.taxresource.ca/do-i-have-to-deduct-my-rrsp-contribution-this-year-or-can-i-deduct-it-in-the-future/comment-page-1/#comment-6837 Tax Guy Wed, 16 Jun 2010 01:10:36 +0000 http://blog.taxresource.ca/?p=329#comment-6837 @Curtis: You always file a slip with the year of the transaction. If this was an RRSP slip, the CRA may already have the info and you may be able to deduct it. Contact the CRA or check your Notice of Assessment. @Curtis:
You always file a slip with the year of the transaction. If this was an RRSP slip, the CRA may already have the info and you may be able to deduct it. Contact the CRA or check your Notice of Assessment.

]]> By: Catherinehttp://blog.taxresource.ca/do-i-have-to-deduct-my-rrsp-contribution-this-year-or-can-i-deduct-it-in-the-future/comment-page-1/#comment-6835 Catherine Tue, 15 Jun 2010 23:52:29 +0000 http://blog.taxresource.ca/?p=329#comment-6835 Not sure if that made sense. I have two jobs. One I get paid a small amount and hence no taxes - as it just never gets that high - from my pay and the other is a full time job and i pay taxes each week. I end up paying about $1,000 per year in income tax because of the untaxed job and I want to know if I put that money this year into an RRSP instead how will that affect my taxes? I don't want to put the $1,000 into the RRSP and then end up having to pay another $750 to the government? I would just rather keep the money myself! Not sure if that made sense. I have two jobs. One I get paid a small amount and hence no taxes – as it just never gets that high – from my pay and the other is a full time job and i pay taxes each week. I end up paying about $1,000 per year in income tax because of the untaxed job and I want to know if I put that money this year into an RRSP instead how will that affect my taxes? I don’t want to put the $1,000 into the RRSP and then end up having to pay another $750 to the government? I would just rather keep the money myself!

]]> By: Catherinehttp://blog.taxresource.ca/do-i-have-to-deduct-my-rrsp-contribution-this-year-or-can-i-deduct-it-in-the-future/comment-page-1/#comment-6834 Catherine Tue, 15 Jun 2010 23:37:14 +0000 http://blog.taxresource.ca/?p=329#comment-6834 I have a small job where I don't get taxed as weekly it just doesn't reach the taxable amount and pay about $1000 per year income tax on the income because I have a regular 9-5 job . If I start an RRSP - I can only afford about $2000 a year right now - and I put it on my income tax form do I end up not having to pay the tax or is there a percentage? I can't figure this out. I have a small job where I don’t get taxed as weekly it just doesn’t reach the taxable amount and pay about $1000 per year income tax on the income because I have a regular 9-5 job . If I start an RRSP – I can only afford about $2000 a year right now – and I put it on my income tax form do I end up not having to pay the tax or is there a percentage? I can’t figure this out.

]]> By: Curtishttp://blog.taxresource.ca/do-i-have-to-deduct-my-rrsp-contribution-this-year-or-can-i-deduct-it-in-the-future/comment-page-1/#comment-6815 Curtis Tue, 15 Jun 2010 16:15:31 +0000 http://blog.taxresource.ca/?p=329#comment-6815 I contributed to a Venture Capital fund in 2005, and couldn't find my receipt when I filed my taxes. Later someone told me I couldn't file the receipt with a return that wasn't in the same tax year as the investment. So that's wrong? I contributed to a Venture Capital fund in 2005, and couldn’t find my receipt when I filed my taxes. Later someone told me I couldn’t file the receipt with a return that wasn’t in the same tax year as the investment. So that’s wrong?

]]> By: Tax Guyhttp://blog.taxresource.ca/do-i-have-to-deduct-my-rrsp-contribution-this-year-or-can-i-deduct-it-in-the-future/comment-page-1/#comment-6148 Tax Guy Sat, 24 Apr 2010 12:22:11 +0000 http://blog.taxresource.ca/?p=329#comment-6148 Hello Jag: Do you mean that you contributed to an RRSP and did not deduct it? If so, then yes. Otherwise the $3,500 is an amount you can contribute then deduct. Hello Jag:
Do you mean that you contributed to an RRSP and did not deduct it? If so, then yes. Otherwise the $3,500 is an amount you can contribute then deduct.

]]> By: Jaghttp://blog.taxresource.ca/do-i-have-to-deduct-my-rrsp-contribution-this-year-or-can-i-deduct-it-in-the-future/comment-page-1/#comment-6143 Jag Sat, 24 Apr 2010 01:58:51 +0000 http://blog.taxresource.ca/?p=329#comment-6143 I have unused contribution of $3500 since 2005. Can I claim this on this yrs tax return? If so, do I need proof such as receipt for return? I have unused contribution of $3500 since 2005. Can I claim this on this yrs tax return? If so, do I need proof such as receipt for return?

]]> By: Tax Guyhttp://blog.taxresource.ca/do-i-have-to-deduct-my-rrsp-contribution-this-year-or-can-i-deduct-it-in-the-future/comment-page-1/#comment-6140 Tax Guy Sat, 24 Apr 2010 00:03:13 +0000 http://blog.taxresource.ca/?p=329#comment-6140 Hello Blair: Technically, the amount reported on your Notice of Assessment for 2009 can be contributed to an RRSP and deducted. Hello Blair:
Technically, the amount reported on your Notice of Assessment for 2009 can be contributed to an RRSP and deducted.

]]> By: Blairhttp://blog.taxresource.ca/do-i-have-to-deduct-my-rrsp-contribution-this-year-or-can-i-deduct-it-in-the-future/comment-page-1/#comment-6139 Blair Fri, 23 Apr 2010 23:24:05 +0000 http://blog.taxresource.ca/?p=329#comment-6139 On my 2009 Income tax return, I have $42000 unused RRSP contributions. Would I be able to purchase that amount and use it as a full deduction for the 2010 income tax yr. On my 2009 Income tax return, I have $42000 unused RRSP contributions. Would I be able to purchase that amount and use it as a full deduction for the 2010 income tax yr.

]]> By: Tax Guyhttp://blog.taxresource.ca/do-i-have-to-deduct-my-rrsp-contribution-this-year-or-can-i-deduct-it-in-the-future/comment-page-1/#comment-2459 Tax Guy Sun, 12 Apr 2009 02:51:45 +0000 http://blog.taxresource.ca/?p=329#comment-2459 @ NeedHelp:You will be subject to a 1% per month penalty tax on over contributions where the total of all over contributions exceeds $2,000. You must withdraw the excess amount to avoid the penalty tax so carrying forward will cost you a fair bit of money. @ NeedHelp:

You will be subject to a 1% per month penalty tax on over contributions where the total of all over contributions exceeds $2,000. You must withdraw the excess amount to avoid the penalty tax so carrying forward will cost you a fair bit of money.

]]> By: NeedHelphttp://blog.taxresource.ca/do-i-have-to-deduct-my-rrsp-contribution-this-year-or-can-i-deduct-it-in-the-future/comment-page-1/#comment-2458 NeedHelp Sun, 12 Apr 2009 00:34:01 +0000 http://blog.taxresource.ca/?p=329#comment-2458 Say you contributed the first 60 days of the year to your RRSP and that puts you over your 2008 limit. Are you supposed to deduct this amt from the previous (2008) year's income, and does it count towards the previous year's limit or can you carry it forward to the current i.e 2009's limit?Thanks! Say you contributed the first 60 days of the year to your RRSP and that puts you over your 2008 limit. Are you supposed to deduct this amt from the previous (2008) year’s income, and does it count towards the previous year’s limit or can you carry it forward to the current i.e 2009′s limit?

Thanks!

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