lanyu

As I know, RRSP can be used to deduct the income you earned, as a result, the taxable income will be decreased and you can pay less on the income tax.
So RRSP is just like a non-refundable tax credit, but not a refundable credit.
That's why I dont understand why you say people can get refund from the government because you buy RRSP and also you have the formula to calculate the amount ??

Lulu39

Post by lanyu;2155701
As I know, RRSP can be used to deduct the income you earned, as a result, the taxable income will be decreased and you can pay less on the income tax.
So RRSP is just like a non-refundable tax credit, but not a refundable credit.
That's why I dont understand why you say people can get refund from the government because you buy RRSP and also you have the formula to calculate the amount ??

RRSP 既不是 like a non-refundable tax credit，也不是 a refundable credit，
而是直接从Total Income 中减去， 使得 Net Income 的数额变小，所以能少赋税。

Montreanr

Let's say my RRSP limit for 2007 is 4000, but I bought 10000 and claimed 4000 of course.

Then you have $6,000 to carry forward, but the first $2,000, CRA will not charge you penalty, for the $4,000 of excess $2,000, you will be charged penalty of 1% per month.

My RRSP limit for 2008 is 14000. Do I need to buy 14000 in full or I can just buy 8000 since I have 6000 leftover from 2007.

1. youn need deduct the C/F amount of $6,000
2. your left room is $8,000, you can purchase the full amount,
3. you purchase another extra $2,000 without penalty.
so, total=8,000+2,000=10,000

Post by c.otherstuff;2149975
I have one question, please advise.
Let's say my RRSP limit for 2007 is 4000, but I bought 10000 and claimed 4000 of course.
My RRSP limit for 2008 is 14000. Do I need to buy 14000 in full or I can just buy 8000 since I have 6000 leftover from 2007.



Please let me know.

Thank you.