Advertisement
How much should you have in your account?
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Which ETFs should you invest in? Which ones best suit your risk tolerance? What about personal ethics? Check out...
Learn about Alberta Child and Family Benefit payment dates for 2026, plus eligibility rules, benefit amounts, and how the...
Review the 2026 CPP payment dates, how much you could receive, when to apply, and how the Canada Pension...
Find out the OTB payment dates for 2026, eligibility rules, and how the Ontario Trillium Benefit works for Ontario...
Find the 2026 CCB payment dates, maximum benefit amounts, income cutoffs, and eligibility rules for the Canada Child Benefit....
Whether you want the highest interest rate or no service fees, these savings accounts will meet your needs.
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
A poll shows that a majority of Canadians failed to meet major money objectives over the past year....
Short answer: yes, inverse and volatility ETFs can hedge market crashes, but the cost, complexity, and timing often outweigh...
Canada’s banking sector is undergoing major changes, with open finance, fintechs, and policy reforms creating more competition and choice...
Hi,
If there’s a room of 100000 in an RRSP, can we contribute all in a year? Or we can only deposit a maximum of 26000 only. THanks.
If you mean that you have a $100,000 of unused RRSP contribution room, then the answer is no you are not limited to putting in the yearly maximum. You could put in the full amount depending on your income, but beware of the AMT tax rules.
On the other hand, you may want to spread the unused room over more than one year so the tax rate of savings (tax rebate) on the income you are getting the deduction for is at the higher rates of tax.
By way of example if your income was 150k+, you may not want to take 100k of deductions all in one year. Instead, spreading it out over two or three years may allow you to save taxes at 53% or 43% instead of 31% or lower tax table rates. The difference in planning and being patient is you could easily save over $20,000 in taxes.
Generally speaking, if you are working with a CFP, CPA or R.F.P. it pays to get professional advice, as the ideas can be far greater than the cost.
Good luck!
Can I buy RRSPs March 1, 2021 using my room from 2020 income and apply when completing my 2020 return?
Thanks for the question. We invite you to email your question to [email protected], where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with your financial institution or a qualified advisor.