Receiving Income from an RRSP Part 2

by in Tax Advice Information and Updates
Receiving Income from an RRSP Part 2
As promised, here are 3 more options you might want to consider for your RRSP:

Your RRSP may now be an amended plan: If your RRSP was changed in 2017 and it no longer satisfies the rules under which it was registered, it is no longer considered an RRSP but an amended plan or fund. As such, the CRA will consider you to have received in 2017 an amount that equals the fair market value of all the property the plan held at the time it ceased being an RRSP.

You may have other income and deductions from an RRSP: You may have to include other RRSP amounts in your income or you may be able to deduct other amounts for 2017. This applies if your RRSP trust hold at any time a non-qualified or disposed of a non-qualified investment in 2017. This also applies if the trust property used as a security for a loan, sold for an amount less than its fair market value, or the trust acquired property for an amount more than its fair market value.

You can withdraw your RRSP funds: When you withdraw funds from your RRSP, your RRSP issuer may withhold some tax. See our blog on Withdrawing from your RRSP for more information.

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Guest Wednesday, 17 October 2018

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