Investing with ATB:
Key RSP Facts
What are my contributions limits?
The annual RSP contribution limit is equal to 18% of earned income
in the previous year minus an individual’s pension adjustment, up
to an annual limit.
Annual limits
2006 $18, 000
2007 $19, 000
2008 $20, 000
2009 $21, 000
2010 $22, 000
After 2010, increases to the annual RSP contribution limit will be indexed. The easiest
way to confirm your contribution limit is to look at your Notice of Assessment, which
you'll receive after you file your income tax return.
When is the contribution deadline for the 2007 tax year?
Friday, February 29, 2008. |
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What age can I start contributing at?
Any time. As long as the individual has earned qualified income in the previous year and has a social insurance number to register for the plan. Mutual Fund Clients must be at least 18 years old.
What happens to my RSP when I turn 71?
Year the annuitant turns 71. Government regulations require the RSP Plan to be either:
- withdrawn as taxable income or
- transferred to a retirement income option prior to / or on December 31st of the year the annuitant turns 71.
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