Sent: Monday, February 24, 2003 12:29 AM

My question is: Canadian-specific

QUESTION: Dear Mr. Ingram,

I have not file the tax return for the years 2000 after. Now I want to file
the returns for all these years separately. In my 1999 tax assessment, future
contribution to RRSP is shown to be $10,125.45.  Now my questions are:
Could I contribute to my RRSP for the year 2000 before March 3rd and this
contribution be counted as RRSP for year 2000?

Could I deduct this contribution for my taxable income for the year 2000 for
filing my 2000 tax return?

I would like to do the same for subsequent years and pay the allowable
contributions.  Am I allowed to do so?

Best regards,

SXXX XXXXXXX

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david ingram replies

 

The answer is no.  Any contribution you make from now to March 3, 2003 can only be used on your 2002 OR your 2003 income tax return.

 

However, the qualification that your 1999, 2000, and 2001 income created can be carried forward and used in 2002 and we can calculate that for you so that you know the amount in advance.

 

The best person to see for that purpose would be George Hatton CA in our West Vancouver office at (604) 913-9133. George represents Cartier Partners for RRSP services and the CEN-TA Group for tax planning.

 

David Ingram - www.centa.com
the CEN-TA Group
US / Canada / Mexico Income Tax and Working Visa Matters
108-100 Park Royal South
West Vancouver, BC, CANADA
V7T 1A2