For 2023's taxes, the last day to contribute to your RRSP is February 29, 2024. Also keep in mind that December 31 of the year you turn 71 is the last day you can contribute to your own RRSP. How do I calculate my individual RRSP contribution limit? To calculate your RRSP ...
Any Canadian resident with a Social Insurance Number (SIN) who has employment income and files taxes in Canada is eligible to open an RRSP and make contributions up to their prescribed limit. You do not need to wait until you turn 18 like you do for Tax-Free Savings Accounts (TFSA). ...
Canadians have fantastic options when it comes to registered accounts. Registered accounts are beneficial for many reasons, the main reason being that they are tax advantaged. Tax advantage accounts are those that allow you to grow your money tax-free or allow you to defer paying taxes until la...
The main benefits for an in-kind transfer are: Taxes –No tax consequences resulting from selling your existing investments. This only applies to investments in a non-registered account. Cheaper –Some securities such as stocks cost money to buy and sell. In...
Remember, RRSPs allow you to defer your taxes – while using an RRSP for a down payment can be tax-free when down through the Home Buyers’ Plan (HBP). Under HBP, you can take out up to $35k (as of 2023) to pay towards a downpayment. ...
Withholding tax –Unlike a RRSP where there are set minimum percentages for the withholding tax depending on the withdrawal amount, there is no minimum withholding tax on the mandatory withdrawal amount, so you can elect to not have any withholding taxes taken from the withdrawals. If you take ...