{"id":5163,"date":"2019-05-15T11:48:11","date_gmt":"2019-05-15T15:48:11","guid":{"rendered":"http:\/\/caissealliance.absoludev.ca\/?p=5163"},"modified":"2019-05-15T11:48:11","modified_gmt":"2019-05-15T15:48:11","slug":"make-up-for-lost-time-take-advantage-of-your-unused-rrsp-contributions","status":"publish","type":"post","link":"https:\/\/www.caissealliance.com\/en\/personal\/rrsp\/make-up-for-lost-time-take-advantage-of-your-unused-rrsp-contributions\/","title":{"rendered":"Make up for lost time \u2013 Take advantage of your unused RRSP contributions"},"content":{"rendered":"<p>If you haven\u2019t maxed out your RRSP in the past, then you surely have unused contribution room. Take advantage of your unused contributions to increase the value of your RRSP. If you don\u2019t have the cash required, start making regular instalments, and you\u2019ll see, you\u2019ll soon catch up your unused contribution room.<\/p>\n<p>Borrowing to contribute to your RRSP could also be a profitable method that doesn\u2019t unbalance your budget. This strategy is quite effective when you apply your tax return to your loan*.<\/p>\n<h2>Use your unused contribution room<\/h2>\n<p>Did you know that if you did not make your maximum RRSP contribution this year, you will have unused contribution room that you can use next year?<\/p>\n<p>In fact, you are allowed to contribute 18% of your income into an RRSP. If you can\u2019t, you can use your unused contribution room in subsequent years.<\/p>\n<p>For example, if your maximum contribution for a year is $12,000 but you only contribute $2,000 to your RRSP, you may use the unused $10,000 portion to increase your contribution the following year for a total of $22,000. This way, your unused contribution room lets you exceed your maximum annual limit.<\/p>\n<p>If you should come into some money unexpectedly (inheritance, lottery winnings, etc.), it may be wise to use your unused contribution room. In some cases, you can even borrow to do so.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you haven\u2019t maxed out your RRSP in the past, then you surely have unused contribution room. Take advantage of your unused contributions to increase the value of your RRSP. If you don\u2019t have the cash required, start making regular instalments, and you\u2019ll see, you\u2019ll soon catch up your unused contribution room. Borrowing to contribute [&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[118],"tags":[],"class_list":["post-5163","post","type-post","status-publish","format-standard","hentry","category-rrsp"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Make up for lost time \u2013 Take advantage of your unused RRSP contributions | Caisse Alliance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.caissealliance.com\/en\/personal\/rrsp\/make-up-for-lost-time-take-advantage-of-your-unused-rrsp-contributions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Make up for lost time \u2013 Take advantage of your unused RRSP contributions | Caisse Alliance\" \/>\n<meta property=\"og:description\" content=\"If you haven\u2019t maxed out your RRSP in the past, then you surely have unused contribution room. Take advantage of your unused contributions to increase the value of your RRSP. If you don\u2019t have the cash required, start making regular instalments, and you\u2019ll see, you\u2019ll soon catch up your unused contribution room. 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