DUCA Credit Union 5 yr GIC 3.75% | GIC discussions | Discussion forum

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DUCA Credit Union 5 yr GIC 3.75%
January 20, 2019
4:15 am
Nav66
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For Non-Redeemable Term Deposit / TFSA & RRSP / RESP / RRIF / LIF

January 20, 2019
9:32 am
Save2Retire@55
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Thanks for Sharing. Hopefully there will be a good rate by April when I do a new contribution for RRSP.

January 20, 2019
10:27 am
Norman1
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If one has the money, one can contribute to the RRSP now.

RRSP contributions made in the first 60 days of 2019 need to be reported now on Schedule 7 of one's tax return for 2018. One can deduct as well in that same return for 2018 or decide to deduct in the return for 2019 or a later year.

January 20, 2019
11:34 am
Save2Retire@55
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Oh nice. So I can contribute now but consider it toward 2019? Will do some research and then open the account. Thanks.

January 20, 2019
11:59 am
Oscar
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This rate and the 3 year , 3.25% redeemable are listed in the promos section but they don't seem to be promos.

January 20, 2019
12:29 pm
Norman1
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Previous discussion RRSP in the first 60 days and using it in the next year has details on the reporting of and the deducting of such contributions.

January 20, 2019
8:32 pm
Save2Retire@55
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Norman1 said
Previous discussion RRSP in the first 60 days and using it in the next year has details on the reporting of and the deducting of such contributions.  

Thanks. Great info. So I can even contribute over my limit, report it but don't deduct which means I still get interest on the money without paying any over contribution charges from the government?

February 12, 2019
7:24 am
Norman1
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Save2Retire@55 said

Thanks. Great info. So I can even contribute over my limit, report it but don't deduct which means I still get interest on the money without paying any over contribution charges from the government?

Yes, during the first 60 days of 2019, you can contribute over your 2018 RRSP limit and report the contribution without deducting it. It won't be considered an overcontribution unless it is also over your 2019 limit.

February 12, 2019
8:04 am
savemoresaveoften
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CRA also allows $2k lifetime over contribution without penalty. Just cant claim tax refund on the overage.

February 12, 2019
5:39 pm
Norman1
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One can deduct the overcontributon later after one has additional earned income that creates additional RRSP contribution room. After that, the overcontribution just becomes an undeducted contribution.

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