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  • Feb 4th, 2015 2:37 am
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[OP]
Deal Addict
Jan 6, 2015
2860 posts
767 upvotes
Toronto, ON

Rrsp ?

I have unused RRSP contribution for 2014, and would like to buy some RRSP. Just to clarify some things, if I put the money into my RRSP account, do I get a slip from the bank saying how much I contributed? Or do I have to buy a mutual fund (or whatever, GIC etc..) with the money? I would like to put it in the RRSP for now, to lower my taxes. Curious if it works that way and what "paperwork" does the bank give me to tell the government how much I contributed?
3 replies
Deal Addict
Apr 19, 2014
1042 posts
990 upvotes
foodyforlife wrote:
Feb 3rd, 2015 11:41 pm
I have unused RRSP contribution for 2014, and would like to buy some RRSP. Just to clarify some things, if I put the money into my RRSP account, do I get a slip from the bank saying how much I contributed? Or do I have to buy a mutual fund (or whatever, GIC etc..) with the money? I would like to put it in the RRSP for now, to lower my taxes. Curious if it works that way and what "paperwork" does the bank give me to tell the government how much I contributed?
You can put cash in your rrsp.. Not sure why you would unless it's for HBP though. Your bank will give you a tax statement
Deal Fanatic
Jul 1, 2007
8103 posts
957 upvotes
You need to research a bit more about how RRSPs work to determine if it is right for you. Browsing various threads in this forum is a good start.
Money Smarts Blog wrote:
Nov 29th, 2010 11:18 am
I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
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User avatar
Jul 10, 2004
1290 posts
1636 upvotes
arkroyal wrote:
Feb 3rd, 2015 11:54 pm
You can put cash in your rrsp.. Your bank will give you a tax statement
Yup. RRSP is just a bucket. Once you put it in the bucket, even if you leave it in cash, it counts as a contribution. You can invest it later if you wish. Your bank should automatically issue you a statement for your taxes which you can claim for either your 2014 income tax return or your 2015 income tax return.
Not sure why you would unless it's for HBP though.
Well. It will lower his/her taxable income. If your income is $50,000 and you contribute $5000, it will result in your taxable income being reduced to $45,000... which should mean a larger income tax return.

Keep in mind that you WILL get taxed if/when you withdrawal the money though*

*unless it's for your first house (first time home buyers) or for education.

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