Questions about RRSP, Thanks!
- 主题发起人 aityes
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I started to make money from Jan, 2004 (ie. I don't have income in 2003). Does it mean I can't buy RRSP in 2004 or even I buy RRSP I still can't claim it when I file my 2004 tax report?
Anyway, my question is:
I started to make money from Jan, 2004. When can I start to take the advantage of deducting tax via buying RRSP? Since I might not stay in Canada long, I'd like to take the advantage of RRSP as soon as possible. Many Thanks!
In theory, you do not have rrsp room at this moment, which you can use to deduct your taxable income (the money you earned since Jan. 2004 until Dec. 31, 2004). After filing tax this year, you will receive an assesment notice, there you will find you rrsp room that you can use to file tax return in 2006.
sean
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一个投资抵税的小技巧，我们现在有个案例，假设某人每年年收入为60000，他大约可以买10000块的RRSP,这里假设10000块是限额，事实上是超过10000的，
他有2003带过来的10000块的RRSP空间。
方法一，都买足10000，去冲抵2004的收入税，等2006年的时候再买2005的10000
方法二，买足10000块，接着以后的每个月，从CRA要来一个每月交RRSP的表格，直接从工资里扣出，免去公司给你先缴税，再退税的投资时间差 （我们公司很多人就是这样做的）
方法三，买足10000块，外加5000块，报税的时候，抵扣10000块，把5000块带入第二年，然后用方法二，每月买RRSP,2006报税的时候，再把今年的5000块再带入2007年，年复一年。这个5000块，等到你快到69岁的时候，也就是交RRSP的最后一年，拿出多出的3000块，用足一辈子可以超额的2000块。
我们假设RRSP和Non-RRSP投资回报相同，在RRSP的shelter里，那个5000块在相当一段时间内，利润翻滚的非常多了，同时，这个5000块，也可以在某一年时你没有钱买RRSP的时候抵上，减轻RRSP-loan所付的利息。
这个案例，未必适合有房屋按揭的人，特别是投资回报低于按揭利率。
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Yes, but you don't have income in 2003 and therefore, you don't have RRSP quota for 2004.
Yes, you can start to contribute RRSP regularly from now on for 2005 tax return. In this case, you don't have to be in a hurry as the deadline is March 1, 2006. However, you cann't claim them in 2004 tax return and therefore, won't get any refund (if there is any) from 2004 tax return. By as someone pointed here, it's better to buy RRSP on regular basis, better let company directly deduct from your paycheck. That will reduce the tax you paid to government on each pay and at the same time, you have more time to invest this money, as comapred with you buy it once when the deadline is close.
As for where to invest RRSP, I think you can simply put it into a GIC like Money Market first (not locked as term GIC) and then search
for the right way to invest, you can always transfer the money from Money Market to that later.
Thanks for everyone's prompt answer. I do appreciate...
The reason I keep asking my RRSP is because I called CIBC and they told me as long as I buy it before March 1st, the RRSP I buy is tax deductable for tax year 2004.
But based on you guys'answers, it looks like CIBC is wrong...how come?! Aren't they supposed to be "professional"?!
You have to pay the tax on that additional 5000, don't you. How can it be tax sheltered. Or, you mean the capital gain generated by that 5000 is tax sheltered. If that is the case, why don't you put 300,000 in the RRSP the first year, and don't contribute the rest of your life.
