David,
I've been reading your newsletters for a few months now, and have
found them very useful. My question is:
My husband and I are American citizens who have been living in
Vancouver BC on study permits. We intend to stay on work permits,
and apply for permanent residency when we've acquired enough full
time work experience. Now that we have jobs, we'd like to start
saving as much as possible, and are planning on beginning to
contribute to our RRSPs. Is there a downside to this we're not
thinking of? Is there something else we should be doing instead
of or in addition to our RRSPs?
Thanks,
------------------------------------
david ingram replies:
The most you can put into an RRSP as a deduction for 2006 (as an
example) is approximately 18% of any earned income you reported
to the CRA (Canada Revenue Agency) in 2005. If you had no income
in 2005 for Canadian tax purposes, you can NOT put anything in
for 2006. Stretching the limits to buy a house or condo would
have made more sense than anything else in the last five years
but I do not think so now for three to five more years.
If you do contribute to RRSP accounts, when you do go to buy your
residence, you can use up to $20,000 each of the RRSP money to .
as a tax deferred down payment or even to buy furniture if you
buy a new place.
Attending Fred Snyder's free Thursday night seminars is likely a
good idea since you are living in Vancouver.
----------------
Every Thursday Evening, Fred Snyder of Dundee Wealth Management
conducts one of 17 different financial seminars in the boardroom
of his office
Time: 7:00 to 9:30 PM
Date: Every Thursday evening
Place 1764 West Seventh
Vancouver (corner of Burrard)
Phone (604) 731-8900 to register
No cost - no obligation
Topics always cover mortgage interest as a deduction
other topics - getting the mortgage, estate planning, critical
care insurance, income taxation, differences between stocks and
bonds, and usually the most innovative HELOC mortgage offered in
Canada from Manulife Bank
If you are starting in downtown Vancouver and do not want to go
home first, one of the excellent THAI HOUSE restaurants is in the
same building and makes a nice start to the evening. If it is
your first seminar, Fred will buy you dinner if you are
pre-registered.
And, if you are on Vancouver Island, Fred's Associate Ralph
Hahmann conducts free Tuesday night seminars - call him at
250 472-0700 or look him up at www.investwithfunds.com
You can also hear Ralph and Fred on CKBD radio as follows:
Answers to this and other similar questions can be obtained free
on Air by david ingram on the last Sunday of each month.
On the last Sunday at 9:00 AM on 600AM in Vancouver, I, david
ingram will be a guest on Fred Snyder of Dundee Wealth Managers'
LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the
internet at
www.600AM.com
Call (604) 280-0600 to have your question answered. BC listeners
can also call 1-866-778-0600.
Callers to the show and questioners on this board can also attend
the Thursday Night seminars on finance and making your Canadian
Mortgage Interest deductible.
------------------------------
David Ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa
Specialists
US / Canada Real Estate Specialists
My Home office is at:
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 10 AM to 10 PM 7 days a week Vancouver (LA)
time - (please do not fax or phone outside of those hours as
this is a home office)
email to taxman at centa.com
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed
information or consultation and is to be regarded only as general
comment. Nothing in this message is or should be construed as
advice in any particular circumstances. No contract exists
between the reader and the author and any and all non-contractual
duties are expressly denied. All readers should obtain formal
advice from a competent and appropriately qualified legal
practitioner or tax specialist for expert help, assistance,
preparation, or consultation in connection with personal or
business affairs such as at www.centa.com. If you forward this
message, this disclaimer must be included."
Be ALERT, the world needs more "lerts"
--------------
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