Should you hold on to unused RRSP contributions? + MORE Dec 4th

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Should you hold on to unused RRSP contributions?

– moneysense.ca

Ask MoneySense
I have $66,000 unused RRSP contributions for the 2023 tax year (unused deductions, not unused contributions).

My plan is to start my RRSP withdrawals in January 2025, and to start claiming the unused deductions on my 2025 taxes, when most likely it will be over $70,000. In 2025, I will be 66 years old.

What is the last tax year I still can claim unused deductions? Is it 2029 or 2030?

—Svetla

First, what are RRSP contributions and RRSP deductions?

Before delving into your question, Svetla, it may be helpful for other readers to highlight the difference between registered retirement savings plan (RRSP) deductions, deduction limit, contributions and contribution limit. They can be a cause of confusion.

When you contribute to an RRSP, you must claim the contribution on your tax return for the year. That is, you report the fact that a contribution was made. You do not, however, have to deduct that contribution. You can choose to carry it forward to claim in a future tax year…

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Second mortgages in Canada: What are the rules?

– moneysense.ca

Canadians have many different reasons to hunt for a second property. Some want the source of income that an investment property can provide; others want to secure housing for a child during post-secondary education. There are those who simply want a rural retreat, like a country home or cottage.

Whatever the reason for having a second property, there are in fact many multiple-property owners in Canada. In British Columbia and Nova Scotia, for instance, owners with multiple properties represent 15% and 22% of all home owners, respectively, according to Statistics Canada. That’s more than one in 10 home owners in British Columbia, and almost one in five in Nova Scotia.

If you’re hoping to be among the growing number of Canadians who own a second property, or if you want to add a third or fourth, it’s essential that you become familiar with the mortgage rules.

Buying a second home? Read our guide first.
READ NOW

What is a second mortgage?

Generally a second mortgage (sometimes called a home equity loan) is when a home owner gets additional financing on top of their pre-existing mortgage for the same property…

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