After netting the witholding tax of $30k against the tax bill of $44k, I still owe 14k in taxes. But I still have 50k of unused rsp room available for carryforward. Can I take 15k out of the 50k unused rsp room as an rsp deduction to offset the 14k in taxes owed in the same taxation year?

Thank you!

In 2010 I contributed $10 to my RSP. In 2011 during the 60 day period, I contributed another $15. All together, I’ve over contributed by $3 for tax year 2010. Can I just use the over contribution of $3 for tax year 2011 since I essentially purchased it in 2011? (RC owes me money and yes its lost interest) thanks a million and I hope you answer this during off tax season.

If nothing else, the executor would have to notice from the RRSP section of the tax return that either:
a) on the 20?? tax return, amount $x was contributed, amount $y was deducted and amount $z is recorded as available to future years.
b) last years return, $0 was contributed, amount $y was deducted and $0 available to future years.

Telling the executor would be best or for those who don’t want to bring their executor up to speed, leave a note highlight any tax strategies (ex. this one or leveraged investments etc.).

In theory, since the unused portion is recorded and CRA will be notified of the death, CRA should catch this. It may take while though and generate changes to the tax return.

a) Having started to contribute to RRSP’s (by maximizing) at the age of 42 (my age when I landed as an immigrant in Canada and started working!), will there be any real advantage for me at the time of my retirement? Currently, it helps me in reducing my taxes. However, I feel it is very beneficial to those who contribute at a much younger age say 24 considering their span of work life.

b) Is it possible to withdraw my RRSP’s at the time of retirement from any part of the world (say India) if I am then not located in Canada?

Appreciate your feedback to my above e-mail address.