Timing of Company RRSP Contributions

[Saskatchewstachian]

Question for my fellow mustachians as I think I may have screwed up my RRSP contributions.

This year is the first time that I have been able to max out my RRSP contributions (18% salary) however since I had money left at the end of the year I decided to use up the contribution room that I had accumulated in previous years. On my last notice of assessment I had 26k to contribute this year. Between work contributing on my behalf and my self-directed contributions I will have hit that 26k dead on by Dec 31st.

My question comes with how the contributions are applied between Jan-Mar of this coming year? I know that you can still top up your 2016 RRSP for the first few months of 2017, but what year do the regular contributions go to!?

If they are automatically contributed to 2016 then I am going to be significantly over my limit come tax season.

[Spudd]

You get to decide on your taxes which year they are allocated to. No worries.

[Dmy0013]

https://turbotax.intuit.ca/tax-resources/tax-tips/investment-tips/when-to-hold-off-claiming-rrsp-deductions.jsp

[Dmy0013]

Are you a fellow saskatoonian!?

[Saskatchewstachian]

You get to decide on your taxes which year they are allocated to. No worries.

That sounds great, I knew for the self directed account I could choose where it would go but didn't know it was the same if the same for employer contributions. Slight admission here but I probably didn't know this because I haven't done my own taxes the last two years *GASP*. To be fair though I have a friend who is an accountant that does them almost for free, the "fee" that I pay is to cook her a nice meal in return.

Are you a fellow saskatoonian!?

Also, yes I am most definitely from Toon Town!

[Dmy0013]

Small world...

[Goldielocks]

You get to decide on your taxes which year they are allocated to. No worries.

And to make it easy, you record the jan-feb contributions on your 2016 return, but indicate that you are not claiming them, and then CRA just adds them into your notice of assessment on their own line, so you don't lose track next year and forget.

[plainjane]

Since I see others have answered your tax question, congratulations on using up your accumulated RRSP contribution room!