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Understand. So there no way to get tax deduction for year 2001. So...

kanata(Kanata)

my question is how to avoid the fine for the RRSP I already bought in 2001. I got two different suggestions from my friends(not professional accounting guys)

Suggestion A:
Someone told me I should:

1. Fill the Schedule 7 form and fill the real number($1800);
2. Fill 0 in T1 General column 208;

Revenue Canada will send me a letter around May this year(2002). My RRSP limitation for year 2002 will be decreased $1800 instead while no fine for my RRSP in 2001.

Suggestion B:
Other one also told me I can claim all $1800 since my total amount is under $2000 and I can get the tax deduction too. The limit is useless if the amount is under $2000.

Who's right?

(#444538@0)
Last Updated: 2002-4-8
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枫下家园 / 理财投资税务 / 请问猪主席，我前年（2000年）没有任何收入，但是2001年买了RRSP，在208栏该怎么填？是不是填了也没有用，没法减税？ -kanata(Kanata); 2002-4-7 (#443508@0)

我的理解，好象不仅不能减还要看你买多了多少，太多么罚款。但具体金额忘了。你2001年的收入可在2002年和2003年DEADLINE前买RRSP。 -gentleknife(想念TOMMY宝宝); 2002-4-8 (#443582@0)
1)Do you have any deduction limit for 2001? you are allowed $2000 overcontribution 2)Fill out a schedule 7, do a walk through, you can carry the dedc forward -slimpiggy(瘦猪犹如插翅虎); 2002-4-8 (#443641@0)

I believe the limit is 0 in 2001. Can you tell me more details how to fill the schedule 7 and column 208? -kanata(Kanata); 2002-4-8 (#443917@0)

The main point is not to file your Schedule7.... -bonsyl(Bonnsyl); 2002-4-8 {300} (#443975@0)
Do you have any earned income in year 2001? How much did you contribute to you RRSP in 2001. If you exceed the $2000 excess limit, go to the financial institution where you bought it AS SOON AS POSIBLE to withdraw the excess amount.....
Get ready, you may be suject to penalty tax of 1% per month,

Thanks Bonsyl and Chairman Pig. I heard of the $2000 limit soI just bought $1800. How to fill S7 form to carry forward? -kanata(Kanata); 2002-4-8 {516} (#444086@0)
In other message, Chairman SlimPiggy said:
"
On S7, line 7 = 1500, line 10 = 485,, line 11 = line 208 on T1 jacket = 485, or it could be 1500 shall you choose so, line 12= 1500-line 11 "

In my Case:

On S7, line 7 = 1800, line 10 = 0,, line 11 = line 208 on T1 jacket = 0, or it could be 1800 shall you choose so, line 12= 1800-line 11=1800

Right or not?

DO i need to do something in order to put it on "life time overcontribution limit" or carrying forward? What's the difference between the two?

Don't follow the other situation blindly, read the cells in Sche 7, it's rather axiomatic, you can choose to carryforward or use the 1800 this year, both are on Sche 7 -slimpiggy(瘦猪犹如插翅虎); 2002-4-8 (#444100@0)

My deduction limite in 2001 is 0. Does it matter if I want to use it this year? -kanata(Kanata); 2002-4-8 (#444150@0)

Fill out a schedule 7 using a tax program, it's an easy walkthrough, don't worry about the penalty garbage, you can carry the contribution forward -slimpiggy(瘦猪犹如插翅虎); 2002-4-8 (#443987@0)

About your RRSP -fatboy(fatboy); 2002-4-8 {578} (#444494@0)
Generally speaking, Your RRSP limit is 18% your last year's income, but it is really depends on Revenue Canada, not on your calculation or your accountant.'s. :-)

So, if your T452 (Assessment of your income taxt return )for year 2000 was issued and granted you RRSP limit for $2000, then you can use it for year 2001 's purchasing RRSP, otherwise, if your limit is $0 for year 2000, like that in yr 2000, you have no fixed income in Canada, then you can not buy any RRSP until year 2002, any RRSP you bought will be used for your year 2002's income return. understood?:-)

Understand. So there no way to get tax deduction for year 2001. So... -kanata(Kanata); 2002-4-8 {678} (#444538@0)
my question is how to avoid the fine for the RRSP I already bought in 2001. I got two different suggestions from my friends(not professional accounting guys)

Suggestion A:
Someone told me I should:

1. Fill the Schedule 7 form and fill the real number($1800);
2. Fill 0 in T1 General column 208;

Revenue Canada will send me a letter around May this year(2002). My RRSP limitation for year 2002 will be decreased $1800 instead while no fine for my RRSP in 2001.

Suggestion B:
Other one also told me I can claim all $1800 since my total amount is under $2000 and I can get the tax deduction too. The limit is useless if the amount is under $2000.

Who's right?

About your RRSP 2 -fatboy(fatboy); 2002-4-8 {712} (#444896@0)
1, what is your RRSP for year 2000?
(read your T452 very carefully, or check with your local Revenue Canada Office)

2. if your limit is $0, and you bought RRSP before Dec, 31 in 2001for $2000,that's fine, just fill up your schedule 7, attached your RRSP receipte, do NOT claim any your RRSP quote for year 2001, carry over it to next year for your year 2002 report.

3, if you bought it in-between jan,01 of 2002 to March 1st of 2002, for $2000, that's fine! just fill up Schedule 7, do NOT claim it for year 2001, just carry over to year 2002.

that's my suggestion, but if you really want to claim $1800, you maybe ok'd by Revenue Canada, but still it is not the regular way for claiming your RRSP.

@San Francisco

Understand. So there no way to get tax deduction for year 2001. So...

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