Personal Finance

2010 RRSP contribution

  • Last Updated:
  • Feb 22nd, 2010 11:53 pm
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[OP]
Deal Addict
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Sep 10, 2009
1254 posts
242 upvotes
Montreal

2010 RRSP contribution

Hi.
I filled my tax report today, and now I know how much I could contribute in my RRSP for 2010.

Do I really need to wait until March 1st to contribute for 2010?
I maxed my 2009 contributions so I don't want that the 2010 contributions to pass in 2009.
On the other hand, I would prefer to contribute for 2010 this week instead of waiting next week.

Thanks.
4 replies
[OP]
Deal Addict
User avatar
Sep 10, 2009
1254 posts
242 upvotes
Montreal
jerryhung wrote:
Feb 22nd, 2010 10:27 pm
You can contribute NOW

Contribution made between 1/1 and 2/28 of 2010 can be for either TAX YEAR 2009, or TAX YEAR 2010
Thanks! :cheesygri

I was very confused because I saw on wikipedia http://en.wikipedia.org/wiki/RRSP
RRSP contributions within the first 60 days of the tax year (which may or may not be the calendar year) must be reported on the previous year's return, according to the Income Tax Act.
:confused: :confused: :confused:
Newbie
Feb 21, 2010
3 posts
cmoibenlepro wrote:
Feb 22nd, 2010 10:38 pm
Thanks! :cheesygri

I was very confused because I saw on wikipedia http://en.wikipedia.org/wiki/RRSP


:confused: :confused: :confused:
As with any RRSP contributions made before March 1st of the following year, you must report them, but you do not need to actually deduct them.

You are allowed to build up an amount of RRSP contributions that you have made, but not deducted (do not deduct them until you reach a higher bracket it you can).

Also, you are allowed to contribute up to 2000$ over your limit without penalty.
Deal Fanatic
Jul 1, 2007
8199 posts
1099 upvotes
Wait a week. Get a separate contribution receipt. Avoid confusion.

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