I am confused here.
First: For Feb. 2002 RSP contribution deadline, the contribution room is calculated as: Earned income in 2001 x18% - Contribution already made in 2001(like group RSP) + unused RSP room in prior years, right?
Then, my total contribution will be deducted from my taxable income for 2001 when i file my tax return in April, right?
From suggestions upstairs, sounds like mycontribution room for 2001 tax year is based on my 2000 income, which means there is a one year "waiting period" before i can deduct RSP contribution from my taxable income. Anyone can clarify on that?
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