Savings/retirement/taxes questions?

  • #1
Physics is Phun
98
0
savings/retirement/taxes questions??

hey all so I got my taxes done for this year. I'm a university student but I'm in a co-op program so I'm still making some money.
i just got one question...for now... I can make RRSP (registered retirement savings plan) (in Canada) contribution which are tax deductable...since I'm in school and on co-op my income will be about 10-20k per year until I graduate in 2010. so as I keep earning money my maximum RRSP contribution limit keep accumulating. this year i would've needed to put about $1000 into RRSPs to bring my taxes down to 0. I didn't cause i was too late for the 2006 year. So I'm wondering if it's a good idea to bring my taxes down to 0 in the following years while I'm in co-op making not that much money. or just suck it up and pay a bit more taxes now, and then have a higher contribution limit to my RRSPs for when after I graduate and working(hopefully) full time? cause then i'll be making more money, and taxes will be more of an issue so if i can make a bigger RRSP contribution it would bring my taxes down more considerable than it does now, since i'll be in a higher tax bracket
Just wondering if this sounds like a decent idea. I know the basics of doing taxes, but still nearly as much as I'd like.
 

Answers and Replies

  • #2
Type 7
23
0
I googled Canada tax forum and found a site that looks promising. You might try asking your question there. Good luck!


http://forums.canadianbusiness.com/forum.jspa?forumID=20
 
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