The taxpayer testified that he withdrew $10,000 from his RRSP in December 2019 with the plan to transfer it to his business bank account in order to “lower his business debt ratio … to make it eligible for a grant.” According to the bank statements he provided, he transferred $10,000...
CRA My Account: What can you do? Once you’ve registered and logged in to CRA My Account, you’ll be able to access a great deal of information. Here’s where you can find out how much contribution room you have available in your RRSP and TFSA. It also keeps track of prior withdraw...
An RCA defers income and tax payments and isn’t subject to strict contribution limits like an RRSP. Article content Article content The taxpayer is allowed to contribute a “reasonable” amount to their retirement every year, but the CRA withholds half of it in a fund that canno...
First, with a TFSA, there’s no maximum age limit to contribute, unlike an RRSP, to which you can only contribute up to, and including, the year in which you turn 71 (unless you have a younger spouse or partner). This makes the TFSA an ideal vehicle for seniors ...