Earnable RRSP limit reduced on large retros

Sorry Teen, But i do feel screwed, i take it personally and as everyone knows, if we had of been paid what we were owed in the years that we should have gotten it, we all would have been a lot better off financially. This whole deal stunk from the get go and has lost me tens of thousands of dollars. "Money talks bulls##t walks!!!" and boy did we all get a lot of bulls##t.

Yep I agree propat that 3.27% top up was really at the top of that bulls##t pile.

Nav your kinda correct, you can use "any" amount of unused RRSP from previous years. This is how you get RRSP room, every year your RRSP room goes up by 18% of eligible income. The retro qualifies as eligible income, the problem is that you can only accumulate a max amount of RRSP room per year no matter how much eligible income you have, and for 2014 that figure is $24,270 that is 18% of aprox $134,834. So next year if you maxed out your RRSP limit (18% of eligible income to a max of $24,270) you can claim the $24,270 "PLUS" any unused RRSP from previous years. So anyone who got more than $134,834 of retro is going to loose out in earned RRSP deduction room.

If you have unused rrsp room from previous years , mine was 64000, you can claim it for 2013, even thou the limit per year is 24500 I believe. My accountant assured me of this. LTD maybe the form 1198 will help and do you have any unused non refundable tax credits from previous tax returns as they can help

ya with a true notional top up the max would have been fine. the 3.27% fracked this deal big time for the large retro guys.

not exactly sure how we make lemonade out of a pile of crap.

propat

LTD don't think of it being screwed as if the government allowed unlimited RRSP on income the rich would get richer off our backs. It was a loophole that was closed years ago.

WOW screwed again, ANOTHER RIP OFF>>>>> after seeing my accountant, not only am i taxed at the 42% rate (all in one year), i am out approx $22,000.00 in claimable RRSP. There is a cap of claimable RRSP of $24,270 for 2014. My 6 figure retro came to a claimable RRSP of over $42,000 but I am only allowed to have $24,270 of it. if my retro had of been paid over past years then i would now be ahead $22,000.00 in claimable RRSP which in essence, as we all know is more of OUR money in OUR pocket. The GOC and MC had to know the impact the retros would have on us at tax time, that is why there was very little said about it to the class in the negation period.