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...
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Are you nearing retirement? If you are, you might want to think about getting regular income from your RRSP. Generally, you may have a certain amount of flexibility on the types of income you can receive. You will have to contact your RRSP issuer and ask about the options available to you. Here are your options for your RRSP at any age up to the end of the year that you turn 71. Transfer your RRSP funds to a Registered Retirement Income Fund (RRIF): A year after you establish a RRIF, you can receive a minimum amount each year using a...
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When withdrawing from your own RRSP: You can withdraw amounts from your RRSP before it starts to pay you a retirement income. You can withdraw unused contributions you made to an RRSP based on an approved Form T3012A Tax Deduction Waiver on the Refund of your Unused RRSP, PRPP, SPP Contributions from your RRSP. You will also need to report your RRSP income on line 129 of your tax return and claim the tax deducted from box 30 of your T4RSP slip on line 437 on your tax return. Withdrawing the unused contributions: If you did not deduct all the contributions...
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Last January 26th, 2018, the Department of Finance ended its public consultations for Budget 2018. During the public consultations, all Canadians were invited to provide their ideas and suggestions on how the Government can go about setting up the budget for the benefit of all Canadian families and individuals. This annual pre-budget consultations, according to the Department of Finance, reached more than 1.5 million Canadians and nearly 38,000 submissions and ideas were received. On February 13th, the Department of Finance, through Minister Morneau, announced in the House of Commons that the Government will table its federal budget on February 27, 2018.In...
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