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OfflineSpencerPhillips
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Registered: 08/18/12
Posts: 656
Loc: ON, Canada Flag
Last seen: 4 days, 21 hours
rrsp deduction liimit
    #22102804 - 08/17/15 01:20 PM (8 years, 5 months ago)

wife has an $88 dollar deduction limit for rrsp...

should i be taking advantage of this for her taxes, its such a small amount.

i understand there are no costs to hold an rrsp. but im confused as to why the CRA website tells me she has an 88$ deduction limit.

any help is appreciated.


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InvisibleAhab McBathsalts
OTD Windmill Administrator
Other User Gallery Ultimate Champion: Blackjack


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Registered: 11/25/02
Posts: 35,107
Loc: Wind Turbine, AB Flag
Re: rrsp deduction liimit [Re: SpencerPhillips]
    #22102946 - 08/17/15 02:12 PM (8 years, 5 months ago)

Either she over contributed in prior years or had no income last year.

Your rrsp deduction limit is 18% of your prior year's income or the max of 22k or something.

You will typically get 1/3 of what you contribute back in taxes. If you contribute 88 dollars you would get an additional 30 dollars back on your taxes.

Your notice of assessment will have all the details on the bottom.

You are also able to over contribute by $1000 without penalty, but you must deduct the over contribution in the following year or you are taxed at 2% per month or something stupid on the excess.


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OfflineSpencerPhillips
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Registered: 08/18/12
Posts: 656
Loc: ON, Canada Flag
Last seen: 4 days, 21 hours
Re: rrsp deduction liimit [Re: Ahab McBathsalts]
    #22102980 - 08/17/15 02:22 PM (8 years, 5 months ago)

Thank You


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