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RRSP contributions

Wunderkid

Star Member
May 18, 2014
72
3
Hi,

I did my soft landing in 2018 and returned as Permanent Resident in May 2021, back to Canada.
I haven't filed for taxes as I didn't have OHIP or any significant residential ties. I started working from Aug 30, 2021. I received a joining bonus of 10k CAD and my annual salary is 135k CAD. Can I direct my funds in a RRSP (company group plan)? Also, what would my RRSP limit be?
 

gurpreet.ts

Hero Member
May 6, 2017
276
537
36
Toronto
Hi,

I did my soft landing in 2018 and returned as Permanent Resident in May 2021, back to Canada.
I haven't filed for taxes as I didn't have OHIP or any significant residential ties. I started working from Aug 30, 2021. I received a joining bonus of 10k CAD and my annual salary is 135k CAD. Can I direct my funds in a RRSP (company group plan)? Also, what would my RRSP limit be?
No you cannot. RRSP Contribution room is calculated based on income in the prior year/s which in your case is 0. So you cannot contribute to RRSP. Any contributions made will be counted as an over contribution, and any over contribution above 2000 will be charged a penalty.
 

Wunderkid

Star Member
May 18, 2014
72
3
No you cannot. RRSP Contribution room is calculated based on income in the prior year/s which in your case is 0. So you cannot contribute to RRSP. Any contributions made will be counted as an over contribution, and any over contribution above 2000 will be charged a penalty.
Thanks for responding.