Comments on: How Much Can I Contribute To My RRSP? http://blog.taxresource.ca/how-much-can-i-contribute-to-my-rrsp/ 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/how-much-can-i-contribute-to-my-rrsp/comment-page-6/#comment-10497 Tax Guy Sat, 09 Apr 2011 03:08:07 +0000 http://blog.taxresource.ca/?p=323#comment-10497 It's reported on your Notice of Assessment or Reassessment. You can also call the CRA. It’s reported on your Notice of Assessment or Reassessment. You can also call the CRA.

]]> By: susanhttp://blog.taxresource.ca/how-much-can-i-contribute-to-my-rrsp/comment-page-6/#comment-10496 susan Fri, 08 Apr 2011 19:04:51 +0000 http://blog.taxresource.ca/?p=323#comment-10496 how can i find out my unused rrsp contribution how can i find out my unused rrsp contribution

]]> By: Tax Guyhttp://blog.taxresource.ca/how-much-can-i-contribute-to-my-rrsp/comment-page-5/#comment-10493 Tax Guy Fri, 08 Apr 2011 13:00:47 +0000 http://blog.taxresource.ca/?p=323#comment-10493 The article answers your question! The 2010 RRSP contribution limit is 18% of your prayers earned income. If you had no earned income in 2009, then your RRSP contribution limit is zero. The article answers your question!
The 2010 RRSP contribution limit is 18% of your prayers earned income. If you had no earned income in 2009, then your RRSP contribution limit is zero.

]]> By: Tax Guyhttp://blog.taxresource.ca/how-much-can-i-contribute-to-my-rrsp/comment-page-5/#comment-10490 Tax Guy Fri, 08 Apr 2011 12:41:27 +0000 http://blog.taxresource.ca/?p=323#comment-10490 The US rules only apply to the IRA and not the RRSP. The US rules only apply to the IRA and not the RRSP.

]]> By: Yvonnehttp://blog.taxresource.ca/how-much-can-i-contribute-to-my-rrsp/comment-page-5/#comment-10482 Yvonne Thu, 07 Apr 2011 04:10:32 +0000 http://blog.taxresource.ca/?p=323#comment-10482 How much can be contributed to an RRSP for 2010 if you did not have any prior year's income? Also, where would you declare the first 60 days of 2010 RRSP contributions if you don't have a previous years claim to adjust? How much can be contributed to an RRSP for 2010 if you did not have any prior year’s income? Also, where would you declare the first 60 days of 2010 RRSP contributions if you don’t have a previous years claim to adjust?

]]> By: Tax Guyhttp://blog.taxresource.ca/how-much-can-i-contribute-to-my-rrsp/comment-page-5/#comment-10477 Tax Guy Wed, 06 Apr 2011 01:28:29 +0000 http://blog.taxresource.ca/?p=323#comment-10477 It sounds like it's the RRSP. The bonus paid to the RRSP in 2010 would have added the payment to your income for 2010 but you took the deduction for 2009. It sounds like it’s the RRSP. The bonus paid to the RRSP in 2010 would have added the payment to your income for 2010 but you took the deduction for 2009.

]]> By: Robyn Candellhttp://blog.taxresource.ca/how-much-can-i-contribute-to-my-rrsp/comment-page-5/#comment-10476 Robyn Candell Wed, 06 Apr 2011 01:15:53 +0000 http://blog.taxresource.ca/?p=323#comment-10476 I am a U.S. citizen with permanent resident status in Canada. In the U.S., the amount one may put in a "traditional IRA" is limited to $5000 at the present time. However, my RRSP limit is much higher and I have been contributing over the $5000 limit of the U.S. Am I limited by the U.S. rules as a U.S. citizen? I am a U.S. citizen with permanent resident status in Canada. In the U.S., the amount one may put in a “traditional IRA” is limited to $5000 at the present time. However, my RRSP limit is much higher and I have been contributing over the $5000 limit of the U.S. Am I limited by the U.S. rules as a U.S. citizen?

]]> By: Chrishttp://blog.taxresource.ca/how-much-can-i-contribute-to-my-rrsp/comment-page-5/#comment-10475 Chris Tue, 05 Apr 2011 22:32:00 +0000 http://blog.taxresource.ca/?p=323#comment-10475 I got a very large tax return for the 2009 tax year (approx $3100), but I'm about to file my 2010 taxes and am surprised to see that I'm only getting approx. $400 back. My friends say it's due to a large discrepancy between my income for the 2010 year (approx $68,615) and the income tax deducted for 2010 (about $10,500).I suspect it's because of a February 2010 bonus I received (about $7700) that I had my employer put directly towards RRSPs, so no income taxes were taken off that amount. So I included that RRSP amount when filing my 2009 taxes. Is the fact that I'm getting a small 2010 tax return due to the fact that this bonus was not taxed and counts towards my 2010 Employment income? I haven't gone over my RRSP limit last year or this year and I also contributed about $10,000 or $11,000 to my 2010 RRSPs. I got a very large tax return for the 2009 tax year (approx $3100), but I’m about to file my 2010 taxes and am surprised to see that I’m only getting approx. $400 back. My friends say it’s due to a large discrepancy between my income for the 2010 year (approx $68,615) and the income tax deducted for 2010 (about $10,500).

I suspect it’s because of a February 2010 bonus I received (about $7700) that I had my employer put directly towards RRSPs, so no income taxes were taken off that amount. So I included that RRSP amount when filing my 2009 taxes. Is the fact that I’m getting a small 2010 tax return due to the fact that this bonus was not taxed and counts towards my 2010 Employment income? I haven’t gone over my RRSP limit last year or this year and I also contributed about $10,000 or $11,000 to my 2010 RRSPs.

]]> By: Tax Guyhttp://blog.taxresource.ca/how-much-can-i-contribute-to-my-rrsp/comment-page-5/#comment-10463 Tax Guy Mon, 04 Apr 2011 19:24:51 +0000 http://blog.taxresource.ca/?p=323#comment-10463 If you contribute to an RRSP, you will have no refund. $5,000 is not enough to pay tax. If you contribute to an RRSP, you will have no refund. $5,000 is not enough to pay tax.

]]> By: Rebecca Garciahttp://blog.taxresource.ca/how-much-can-i-contribute-to-my-rrsp/comment-page-5/#comment-10457 Rebecca Garcia Mon, 04 Apr 2011 06:46:34 +0000 http://blog.taxresource.ca/?p=323#comment-10457 Dear Sir/Madam:My income in 2010 is just almost $5,000. If I bought RRSP $10,000, will I have refund? If so, how much?Thank you.Sincerely,Rebecca Dear Sir/Madam:

My income in 2010 is just almost $5,000. If I bought RRSP $10,000, will I have refund? If so, how much?

Thank you.

Sincerely,

Rebecca

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