I have switched jobs. I have taken my pension and placed in in a locked in rrsp.?
Can you claim this on your rrsp purchases?
Answers:
Hello,
No, there is no deduction for the transfer of pension assets to a locked in RRSP. However, there is no income inclusion for the amount received from the pension plan. It's essentially a wash.
You already received a tax deduction when you made the contributions to the RPP in the first place.
Hope that helps!
You can only contribute a limited amount to your RRSP's, you will get a summary from Revenue Canada about a month after filing taxes which will tell you how much you can put in RRSP's before filing taxes next year. You also might be able to check yours online or by calling Revenue Canada. You can make a $2000 over contribution one time in your life without any penalties. Anything over your limit, plus $2000 (if you haven't done this already) will make your contribution taxable. Check with an accountant though, there may be tricks out there to get around these rules.
http://www.cra-arc.gc.ca/menu-e.html...
That mean you have transferred your pension to locked in RRSP. You do not receive receipt to claim as rrsp purchases.
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