All Questions
14
questions
4
votes
0
answers
43
views
Reduce income tax payable in Canada for an individual taxpayer
For the 2023 tax year, in Canada, how can I reduce my personal taxable income/taxes payable on my T1 tax return? I know I can use my RRSP and a spousal RRSP as a deduction against taxable income up to ...
- 141
1
vote
0
answers
48
views
Opening an RESP for myself
I am located in Canada. I was wondering if instead of contributing directly into an RRSP, why people don't instead open up an RESP for themselves, contribute as much as they can afford (up to 50k) and ...
- 171
16
votes
4
answers
11k
views
Minimize taxes now that I earn more
Background
I recently received a hefty promotion for $350k (plus stocks and bonuses) with the same company. Now that I can finally start to pay down my debt, I'm not so happy that suddenly 45% of my ...
- 201
1
vote
1
answer
583
views
How do Ontarians calculate optimal RRSP contribution?
Pls see my dad in Ontario's facts. He maxed out his TFSA, and his annual pre-tax income (henceforward "APTI") is $50K. CRA website shows his 2019 RRSP deduction limit is $100K.
If I ...
user40269
1
vote
1
answer
68
views
Can I withdraw Small Overcontribution from RRSP?
My contribution room for my RRSP is 23.5k, I accidentally contributed 25k though. I realize my over-contribution is within the 2k that CRA allows, but I would prefer to keep the extra $1,500 outside ...
- 111
3
votes
2
answers
4k
views
Can I withdraw from an RRSP for home renovation using the Home Buyer's Plan?
I have withdrawn $15,000 using Canada Home Buyer's Plan from my spouse's RRSP account in the year 2016. The withdrawal was only from spouse's RRSP account, not my account.
Now we are planning to do a ...
- 187
2
votes
1
answer
1k
views
Contribute to RRSP without deducting - how long can the deduction claim be deferred?
This question establishes that one can contribute to their RRSP without deducting for the year of the contribution.
Additionally, this link from CRA's site has the question
"What RRSP, PRPP, or SPP ...
- 247
1
vote
2
answers
148
views
Deciding on RRSP carryover amount
I'm trying to do a last minute lump-sum RRSP contribution. I have an idea of how much I'd like to contribute/carry forward, but this is my first time making a significant RRSP contribution, so I'd ...
- 121
1
vote
1
answer
229
views
Beyond RRSP deductions, how does a high income earner save on taxes?
I am not talking of a business owner, I am talking of someone, that makes 150k $ in salary. In Ontario, the marginal tax rate is well over 30%.
After maxing out RRSP, what do these folks do? Do they ...
- 16k
1
vote
1
answer
256
views
Contribute to RRSP without deducting?
I am in a lower income bracket, however, like the idea of contributing to an RRSP because any earnings within the plan are tax-exempt.
Is it possible to contribute to my RRSP, but not have it deduct ...
- 15
-2
votes
1
answer
949
views
Is the interest on money borrowed on margin in/for an RRSP considered tax deductible?
If I borrow cash in my margin trading account which happens to be an RRSP account, does the interest on that money become tax deductible from my income? I know if I put money in my RRSP from my salary ...
- 16k
6
votes
2
answers
163
views
Does an RRSP loan provide any benefit, vs. simply making monthly RRSP contributions?
While evaluating a short term RRSP loan like this one, the numbers seem good on paper. But:
If I need to save $1,000 in tax deductions, I need to put the entire borrowed money into the RRSP before I ...
- 16k
1
vote
1
answer
126
views
Should I contribute to my RRSP or wait?
I am Canadian and I have a large amount of RRSP contribution room. I do have money to contribute, but I will have no taxable income this year.
Should I make my RRSP contributions now, or save the ...
- 11
4
votes
2
answers
284
views
Deferring claim of significant purchase of RRSPs
If I purchase $50,000 of RRSPs this year, I believe that I can defer some of this purchase over the next several years. I could, for example, claim $16,667 on each of my next three tax returns.
...
- 14.1k