All Questions
Tagged with canada-revenue-agency rrsp
10
questions
3
votes
0
answers
42
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 ...
- 131
1
vote
1
answer
52
views
Instalment interest calculation in Canada for individuals
I made no instalments payments in 2023 as I thought my net tax owing in 2023 would be below $3000. I received instalment reminders from CRA and I ignored the emails. Now, I believe my net tax will be $...
- 131
3
votes
1
answer
79
views
Canadian FHSA to RRSP after 15 years
I am a Canadian Resident Tax Payer.
I regularly max out on my RRSP contribution room.
I never owned a home, I have been renting because I move around a lot because of work (Canada & USA).
I am ...
3
votes
1
answer
128
views
Is the RRSP Contribution period 12 months or 14 months?
Assuming a clean slate (i.e. no carry-forward contribution room) I always thought the one could make their RRSP contribution any time within the calendar year + 60 days after the end of the year.
If ...
- 312
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
0
votes
2
answers
555
views
Can I withdraw money from my rrsp if I made excess contribution by mistake?
If by mistake, I exceed the contribution limit to my RRSP, can I withdraw it from my RRSP, to avoid paying penalty?
e.g Let us say my RRSP room is 18k, but I contributed 22k, so any contribution in ...
- 16k
3
votes
1
answer
1k
views
Including 401(k) contributions on Canadian tax return
I am a Canadian resident who made US income, and contributed to a 401k. I know I must include my 401k contributions on my foreign income, but what about my employer's contributions?
Also, what are ...
- 31
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
0
votes
2
answers
1k
views
Withdrawing from RRSP to pay income tax owed to CRA?
While filing my tax return, if I find that I owe taxes to CRA, but I don't have any cash on hand to pay the taxes, then I can withdraw from my RRSP.
Now, if I withdraw money from RRSP, do I first ...
- 16k
5
votes
1
answer
49k
views
Do employer RRSP contributions show up as income on my T4?
When I get my T4, I see a certain amount quoted as my income. My employer gives me matching RRSP, which means if I put 1000 dollars, my employer puts in 500 dollars and then buys me the company stock ...
- 16k