All Questions
29
questions
2
votes
1
answer
210
views
Are employer contributions to RRSP part of one's own contributions in tax forms?
Context: working for a company in Quebec (Canada) that matches RRSP contributions.
When contributing to one's RRSP, the company contributes an additional amount on top (a percentage of the employee ...
- 131
7
votes
1
answer
3k
views
Can I pay my partner’s income tax (Canada)
I net approx. twice what my spouse does. At income tax time can I pay her income tax for her so she has more money to invest in her retirement savings account (RRSP)?
I know that if I were to give her ...
- 2,592
2
votes
2
answers
230
views
What will happen to the amount of money I contributed exceeding my RRSP limit and will I pay a penalty?
My RRSP deduction limit for 2020 was 16,000$. In the year 2020, I contributed 28,000$. TurboTax displays it as "Amount of contributions exceeding your limit (automatically carried forward for you)...
- 31
5
votes
0
answers
99
views
I'm a Canadian citizen and now a US resident. How do I close my Canadian RRSP and TFSA?
I am a Canadian citizen who moved to the US in 2009. I am now a US resident and Canadian non-resident. I still have a Canadian RRSP, TFSA, and bank account. I've filed FBARs since becoming a US ...
- 51
2
votes
0
answers
33
views
Can I hold US dollars and buy US stocks (with US Dollars) without FX commissions using a Canadian brokerage account?
May be moving to Canada next month, so I had some questions.
I would like to transfer my US dollars to a Canadian brokerage account -- from what I've read IB or Questrade are the best options.
However,...
- 475
3
votes
1
answer
221
views
When calculating net-worth, how to discount money in an RRSP?
Suppose that I have the following account balances:
Personal Banking Account $10,000
TFSA $40,000
RRSP $60,000
I would like to calculate my net-worth.
...
0
votes
1
answer
62
views
What other variables affect optimal contributions to RRSP now?
I already maxed my TFSA. I can't have and don't want kids. I want to create an Excel spread-sheet to work backwards to determine the optimal RRSP contributions now that'll minimize taxes when I start ...
user40269
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
3
votes
1
answer
172
views
Why does strategy with borrowing 35,000 and using Home Buyer's Plan apply to just Canadians in 40% marginal tax bracket?
Why do these Reddit users focus on the "40% marginal tax bracket"? How did they calculate it? Assume that we're in Ontario so that we can work with Ontario's provincial tax rates.
35K at 5% for 90 ...
user44213
2
votes
0
answers
63
views
How can I notify the CRA of intent to contribute to an RRSP?
I currently have an RRSP through work that I contribute to. However, the amount is significantly smaller than my annual limit. I have a self-managed RRSP separately and contribute sizable amounts. ...
- 121
1
vote
0
answers
43
views
Tax sheltered investment vehicles for retirement in Canada
Is there any investment vehicles to tax shelter income for retirement on top of RRSP & Pension?
I know about LIRA. When you switch job you usually get your pension funds transferred into LIRA.
...
- 185
2
votes
1
answer
329
views
Asset Allocation between TFSA vs RRSP
I have 60K in my TFSA and 15K in my RRSP. Both accounts are maxed out.
I want to go with the basic balanced couch potato portfolio: XAW: 40%, VCN: 20%, ZAG: 40%.
I've heard that putting stocks in ...
- 121
3
votes
1
answer
253
views
Can employee share ownership plan (ESOP) contributions to an RRSP account qualify as HBP repayment?
Can employee share ownership plan (ESOP) contributions to an RRSP account be designated as repayment towards a previous withdrawal made under the Home Buyers' Plan?
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
2
votes
1
answer
100
views
US withholding taxes on investments held in RRSP by non-resident of Canada
Would dividends on investments held in US$ RRSP (common and preferred shares) be taxed (taxes withheld by US) if RRSP account holder becomes a non resident of Canada and resident of Croatia (not a ...
- 21