Weekly Tax Tips
Make a contribution to your RRSP for 2008
28 Jan 2009
Don't forget, in order for your registered retirement savings plan (RRSP) contribution to be deductible for 2008, the last day your contribution can be made is March 2, 2009 (as March 1, 2009 falls on a Sunday).
Your contribution limit for 2008 is 18% of your 2007 earned income (to a maximum of $20,000) less the value of any benefits that accrued to you in 2007 as a member of a Registered Pension Plan or a Deferred Profit Sharing Plan (your Pension Adjustment — PA). Your PA was reported by your employer on your 2007 T4 slip. Also, your 2007 Notice of Assessment should include the CRA’s calculation of your 2008 contribution limit, with any unused amounts carried forward from previous years. This information is also available on the CRA’s “My Account” service.
When you paper-file your return, you are required to attach official receipts for all contributions you made to your own or your spouse's RRSP during the period March 1, 2008 to March 2, 2009, even if you are not deducting the contributions on your 2008 return or if you are designating the contributions as Home Buyers' Plan or Lifelong Learning Plan repayments. The balance of your Unused RRSP Contributions available to carryforward to 2009 will be reported on your 2008 Notice of Assessment.
This tax tip is a publication of BDO Dunwoody LLP on developments in the area of taxation. This material is general in nature and should not be relied upon to replace the requirement for specific professional advice. The information in this tax tip is current as of 28 Jan 2009.
More Tax Tips Here!
Learn more about our Taxation Services
