I dug out my 2009 tax returns. I looked for the very first time at the RRSP contribution room. In fact, it took me a little while to find it on my forms as I have never looked before.
I learned ..... husband doesn't have that line anywhere on his forms from 2009. was very weird.
I learned...................my contribution room is about $44,000. holy wow
That makes a lot of sense given I only started last year, but holy wow.
Now I am not a financial genius by any stretch of the imagination, but I THINK I can safely say, with quite a bit of certainty, that I will not max out my contribution room anytime soon, if ever lol
I think I never looked before because I truly didn't want to know. ahhhh the life of an ostrich.
Tuesday, Nice weekend!
1 day ago
9 comments:
Wow for sure. Weird that your husband doesn't have the same line. Good luck with your contributions anyway. Better to start last year than never!
When I finally became interested in my own retirement, and saving for it, I was surprised to see that my contribution room was about $20,000. What surprised me more was that my hubby's was in the neighborhood of $60,000! Even with a pension plan at work!
It may take forever for us to use up that contribution room, but we're working on it.
Wow. That's a mighty high contribution room. O_O;
And it is only for a limited amount I believe. As you can only keep a certain number of years as part of your contribution room I believe.
Sorry Asian Pear, I have to correct you.
If you don't contribute the maximum allowable to your RRSP in any year, you can carry the unused portion forward indefinitely. Any amounts carried forward are reflected in the statement provided by CRA with your Notice of Assessment.
thanks for the clarification Dylan!
Does it carry forward forever now? I know when I started contributing years ago it only carried forward for 7 years so I lost out during all the years I couldn't afford to put any $$ in.
I'm thinking about stopping RRSP contributions though. It does help me get a good refund BUT later when I retire and start to withdraw it will be heavily taxed. I might just stick to TFSAs as it is sheltered from taxation forever.
I'm not Candian...what's an RRSP Contribution Room? :)
I know little to none about RRSP but I'm learning. Thank you all for the comments.
LBC - RRSP means Registered Retirement Savings Plan. It's a tax advantage retirement vehicle. A few sites I hit say it's similar to the US IRA
I should finish my thought before I hit publish LOL
The contribution room is based on your yearly income. A large contribution room means I have contribued diddly squat thus far and could contribute a whole lot more before I hit the gov't cap on what I'm allowed to tuck in the RRSP
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