Canada Pension Question

[rgkv]

'Your RRSP contribution limit for 2019 is 18% of earned income "

You may wish to check the definition of "earned" income.

But if you have extra room to contribute ? I don't do my taxes and I would have thought my tax man would have mentioned something

 

[rgkv]

Actually the calculation ends up at age 73 when it becomes a loss.

I'd add a couple of years to that, interest, invested, any returns reinvested because of bought RRSP's with the previous years return. Your right though, I wonder how I ever came to my conclusion, always thought it was in the 80's. And since nobody in my family lived past 84 I took mine early... I"M FUCKED!!!!! LOL And now that I think about the new age I'M SOON TO BE BROKE TOO !!!!

 

[Darts]

But if you have extra room to contribute ? I don't do my taxes and I would have thought my tax man would have mentioned something

As long as a competent tax professional is doing your taxes you should be fine.

I'm in a company defined pension plan so I think that reduces RRSP contribution room. Our company uses one of the "Big Four" accounting firms and they tell us our RRSP contribution room.

 

[Butler1000]

I'd add a couple of years to that, interest, invested, any returns reinvested because of bought RRSP's with the previous years return. Your right though, I wonder how I ever came to my conclusion, always thought it was in the 80's. And since nobody in my family lived past 84 I took mine early... I"M FUCKED!!!!! LOL And now that I think about the new age I'M SOON TO BE BROKE TOO !!!!

Im only giving the numbers for CPP. I looked into this and the concencus is if you take CPP at 60 when you hit age 73 the total amount you would receive equals out to the total amount you would receive if you took it at age 65.

Hence the net loss after. Considering medical tech and my family history I'm waiting until 65 though I plan to retire at sixty.


I will have other income streams and plan to cash in some RRSP outright yearly to best take advantage of tax levels.