British Expats - How soon can i start an RRSP?

Quote:

Originally Posted by Scalley

Thanks guys,

So just to clarify - it's probably best to wait until the end of the tax year, then start an RRSP.

In actual fact, i would be unlikely to contribute 18% of my salary, so i might just start putting money into a savings account now, and then use that to max out my RRSP next year.

Cheers

Matt

Good idea. Just remember that although it is generally accepted that you can deduct the payments made in the first 60 days of 2006 against your 2005 taxes, you only get the deduction IF you already had contribution room for 2005 (ie earned in 2004).

Even if you contribute in the first 60 days of 2006 you will not get the tax back until April 2007! Dont get caught out with this one!