You can’t contribute directly to your spouse’s TFSA as you can with a spousal RRSP. However, you can give your spouse money, which they can then contribute to their own TFSA. Any income your spouse earns on the money in their TFSA is theirs and will not be attributed back to you....
. There is a never-ending stream of proposals to reduce the taxation of deferred savings by, for example,raising the age at which an RRSP must be converted to a RRIF to 75,eliminating mandatory RRIF withdrawals altogether, orexempting the first $160,000 of RRIF savings from withdrawal rules...
A young investor, just starting out • buy a car • help pay for my education • save for a down payment on a home In my peek earning years • save in addition to my RRSP • save for my children's education • set aside money for personal goals (perhaps a vacation or ...
A TFSA offers you the flexibility to save for various short-term and long-term goals, usually, with easy access to your money depending on the type of investment you hold. How does a TFSA work? You can think of a TFSA like a basket, where you can hold qualified Canadian investments tha...
it may need to be taxed in the hands of the parents, with an extra 20% added on, but up to $50,000 can be rolled into an RRSP if the funding parent has enough leftover room, although that parent won’t get the normal tax deduction associated generated by RRSP contributions when taki...
If you have some extra money available, you can always contribute to your rrsp to reduce your personal tax bill. There are also recommendations to help save on corporate tax. If you have not filed your corporate tax return already, one thing you should do is purchase capital assets that ...
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Account holders should be aware that money withdrawn during the year doesn't reduce the amount already contributed. If you contribute additional funds in the mistaken belief that your withdrawal reduced your already-contributed amount, you may over-contribute and, as a result, owe tax on that amo...
As a traditional 401(k) is funded withpre-tax dollars, yes, you will have to pay taxes when you withdraw from your 401(k). (This is not typically the case with aRoth 401(k), which is funded with after-tax dollars.) At the time of withdrawal, the idea is that you are retired ...
The most common tax-deferred retirement accounts in the United States aretraditional IRAsand401(k) plans. In Canada, the most common tax-deferred retirement account is aregistered retirement savings plan (RRSP). With this type of account, taxes on income are deferred to a later date. For exam...