I am a Canadian who has been living in the US for 8 years, paying only US tax. We moved back to Canada in May of 2004. Reading my banks contribution guidelines it states that I can contribute up to 18% of the previous years income. I had no income reported in Canada last year. Can I therefore not contribute to my existing RRSP?
Thanks in advance.
Don Carveth
RRSP Contribution limit 1st year back from US
Moderator: Mark T Serbinski CA CPA
Forget what your bank says. CRA (Revenue Canada) determines what your limit is and sends this to you with your assessment. Your contribution room as remained what it was the last time you submitted a CDn tax return, 8 years ago, and it is this limit that is still available to you now (if any).
You can contact CRA to find out exactly what you still have.
Your earnings from 2004 can't help you towrads your 2004 limit; these will only increase your limit after Jan 01, 2005, to be used only for 2005 and future RRSP contributions.
<i>nelsona non grata</i>
You can contact CRA to find out exactly what you still have.
Your earnings from 2004 can't help you towrads your 2004 limit; these will only increase your limit after Jan 01, 2005, to be used only for 2005 and future RRSP contributions.
<i>nelsona non grata</i>