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  Improve Your Financial Knowledge - Part 17

  1-Jun-2023

  55. RRSP Contributions:

  Tax deductible * Can be carried forward * Can be made until December 31st of the year in which the planholder turns age 71

   

  56. RRSP Formula:

  18% of the previous year's earned income, up to the maximum annual RRSP Limit + Unused RRSP contribution from previous years - Pension adjustment (PA) - Past service pension adjustment (PSPA) + Pension adjustment reversal (PAR)

   

  57. RRSP withdrawals:

  Taxable as follows

  $0 to $5,000: 10% (Canada except Quebec), 20% (Quebec)

  $5,001 to $15,000: 20% (Canada except Quebec), 25% (Quebec)

  More than $15,000: 30% (Canada except Quebec), 30% (Quebec)

   

  58. Spousal RRSP:

  A spousal RRSP allows an individual to contribute to his/her spouse's RRSP.

  One spouse is the contributor and the other spouse is the annuitant.

  The tax benefit of a spousal RRSP is maximized when the higher income spouse contributes to a spousal RRSP where the lower income spouse is the annuitant.

   

  You can book your consultation at 

  Https://ABCFinancialAdvisor.com/Book-a-Meeting

  Or call us at 647-830-8080

   

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