Hey guys - fresh blood here to investing/registered accounts. Haven't invested a single dollar.. yet. I have a few questions about RRSP:
1. How do I find out my RRSP contribution limit? On my online CRA account it says: "Your 2012 RRSP deduction limit is $3,402". So I'm assuming that's the exact amount I can contribute to my RRSP? (Sorry, probably a "DUH, jackass!" question) Or is that for this year only, and I need to calculate and add previous years myself?
2. Should I contribute the full amount to my RRSP for 2012? I made around $50,000 in 2012. Or would there be any reason to hold off until next year?
3. Considering my limit is so low, would it be wise to open an RSP separately with a smaller brokerage (Questrade, IB, etc.)? My TFSA and non-registered are with TD Waterhouse, but for their RSP they charge a $100 annual fee if my RSP is below $25,000. Also I'm below $50,000 in assets, meaning $30 a trade. So I'm thinking I'd build it up in a smaller brokerage, then transfer to TD when I reach $25,000. Good idea, bad idea?
Thanks!
1. How do I find out my RRSP contribution limit? On my online CRA account it says: "Your 2012 RRSP deduction limit is $3,402". So I'm assuming that's the exact amount I can contribute to my RRSP? (Sorry, probably a "DUH, jackass!" question) Or is that for this year only, and I need to calculate and add previous years myself?
2. Should I contribute the full amount to my RRSP for 2012? I made around $50,000 in 2012. Or would there be any reason to hold off until next year?
3. Considering my limit is so low, would it be wise to open an RSP separately with a smaller brokerage (Questrade, IB, etc.)? My TFSA and non-registered are with TD Waterhouse, but for their RSP they charge a $100 annual fee if my RSP is below $25,000. Also I'm below $50,000 in assets, meaning $30 a trade. So I'm thinking I'd build it up in a smaller brokerage, then transfer to TD when I reach $25,000. Good idea, bad idea?
Thanks!