Hello! I am a somewhat new immigrant and trying to understand the tax and return filing system. I will be filing my tax return for the first time in Canada. It would help me a lot if I can get answers to some of these queries.
I landed in Canada in Feb 2020 and got a job in Aug 2020. In November 2020, I enrolled in a group RRSP plan with the employer wherein my contributions go into the group RRSP account and employer matches that amount into a DPSP account. I am contributing 3% currently and my employer matches that 3%. I do not have any other RRSP account and neither do I have any account with the CRA (it says on their website you can create an account after the first time tax return filing, which I haven't done yet).
Following are my questions -
Thank you!
I landed in Canada in Feb 2020 and got a job in Aug 2020. In November 2020, I enrolled in a group RRSP plan with the employer wherein my contributions go into the group RRSP account and employer matches that amount into a DPSP account. I am contributing 3% currently and my employer matches that 3%. I do not have any other RRSP account and neither do I have any account with the CRA (it says on their website you can create an account after the first time tax return filing, which I haven't done yet).
Following are my questions -
- Since I did not have any Canadian income for the previous year (2019), I assume my RRSP contribution limit would have been zero for 2020? If yes, then will I be penalized for contributing more than I should have? I don't have an account with CRA yet so I don't know what's my actual limit. Should I discontinue contributing to the group RRSP? Does this also mean that my RRSP contributions will be taxed?
- I am trying to understand what's given in my T4. The box 20 in my T4 is empty, but box 52 shows an amount that's equal to my employer contributions (DPSP) for 2020. From what I understand so far, box 20 is supposed to show the amount I contributed to the group RRSP. Why would that be empty?
- I used to work in Singapore prior to moving to Canada. After moving to Canada, I transferred my savings from Singapore to Canada. I have already paid tax on that money in SG. Do I need to report this information anywhere while filing tax? Will this money be taxed again in Canada?
Thank you!