RRSP and T1135 (homeland assets) for 1st year of residency

[lieudefroid]

I immigrated to Canada in July 2016.

I was told by my tax consultant that I am not eligible to invest in RRSP in 2017 (although I had about 50K of earnings in 2016) and there is no need to submit T - 1135 for 2016 tax returns (although I have 100K worth of homeland assets).

I believe my tax consultant of course, but just wanted to get a second opinion in the group. Is it true that we are not eligible for RRSP and T-1135 not required for the first year of residency (ie. in the returns submitted in year-2?)

 

[pie_vancouver]

Yes, because the RRSP contribution room is based on a percentage of income earned from the previous year, which for newcomers it is zero. You can put the money in TFSA for now, then switch to RRSP next year.

 

[lieudefroid]

Yes, because the RRSP contribution room is based on a percentage of income earned from the previous year, which for newcomers it is zero. You can put the money in TFSA for now, then switch to RRSP next year.

Oh, so is the deadline of 28th Feb 2017 the RRSP contribution deadline for 2016?

 

[pie_vancouver]

^3/1/17

 

[jp.verma85]

Yes, because the RRSP contribution room is based on a percentage of income earned from the previous year, which for newcomers it is zero. You can put the money in TFSA for now, then switch to RRSP next year.

What is still some one contributed to his RRSP account?

I do have employer match for RRSP and i continued to contribute to RRSP though now I find that I was not eligible as I came to Canada in Feb 2019 and started working from April 2019(I did not file return for 2018-2019 as I did not earn anything in Canada during that and thus did not have any NOA)

Now, what should I do for RRSP contribution made?

 

[Heshan]

What is still some one contributed to his RRSP account?

I do have employer match for RRSP and i continued to contribute to RRSP though now I find that I was not eligible as I came to Canada in Feb 2019 and started working from April 2019(I did not file return for 2018-2019 as I did not earn anything in Canada during that and thus did not have any NOA)

Now, what should I do for RRSP contribution made?

I also do have a similar question... I came to Canada in Feb 2019, and started to work from April 2019 onwards. I am also considering opening a RRSP Account, and contribute to it before this year's deadline...(March 1, 2020) Therefore, appreciate, someone can provide a good response...