hi,
i've just enrolled into the company group RRSP where the employer matches my contribution up to 3% of my income (we are eligible to enroll after 1 year of employment). as i understand that both my contribution and the employer's match will both count towards my RRSP limit, i'm not concerned whether i may exceed my RRSP contribution limit for 2009.
last year i contributed to an RRSP outside of work, and i've realized that i'm almost at my limit for 2009. i was planning to max out over the next 2 months to finish contributing for 2009 (outside of work) via the automatic purchase program at my bank. however, since i'm now enrolled in the company RRSP, my employer and I will be making regular RRSP contributions to for the next 60 days, would this not also fill up my 2009 contribution, which could lead to overcontribution if i'm not careful?
i believe the answer to the above question is yes, and i guess i can avoid over contribution by simply stopping my outside-of-work RRSP contributions for the first 2 months, and wait until the 2010 fiscal year starts to contribute for next year.
however, i have already received my 2009 T4 (my company gives them out early), which would not include any company RRSP contributions made between now and March 1. so does that mean that these contributions would actually count for 2010, and they would show up on my 2010 T4?
i want to contribute as much as possible. i mean, if i really need to stop my auto-contributions outside of work for a couple months, i'll just dump that money into my TFSA. but i just wanted to get this all clear in my mind
thanks!
i've just enrolled into the company group RRSP where the employer matches my contribution up to 3% of my income (we are eligible to enroll after 1 year of employment). as i understand that both my contribution and the employer's match will both count towards my RRSP limit, i'm not concerned whether i may exceed my RRSP contribution limit for 2009.
last year i contributed to an RRSP outside of work, and i've realized that i'm almost at my limit for 2009. i was planning to max out over the next 2 months to finish contributing for 2009 (outside of work) via the automatic purchase program at my bank. however, since i'm now enrolled in the company RRSP, my employer and I will be making regular RRSP contributions to for the next 60 days, would this not also fill up my 2009 contribution, which could lead to overcontribution if i'm not careful?
i believe the answer to the above question is yes, and i guess i can avoid over contribution by simply stopping my outside-of-work RRSP contributions for the first 2 months, and wait until the 2010 fiscal year starts to contribute for next year.
however, i have already received my 2009 T4 (my company gives them out early), which would not include any company RRSP contributions made between now and March 1. so does that mean that these contributions would actually count for 2010, and they would show up on my 2010 T4?
i want to contribute as much as possible. i mean, if i really need to stop my auto-contributions outside of work for a couple months, i'll just dump that money into my TFSA. but i just wanted to get this all clear in my mind
thanks!