TAXATION
If I withdraw $4K out of my RRSP, what is the withholding tax percentage?
10%
What is this year's TFSA contribution amount?
$6,000
What age can a TFSA be opened?
- must be at least 19
Can I deduct my TFSA Contribution on my income tax return?
No, there is no tax deduction for making contributions.
What are some Investment options for RRSP's?
Jumpstart RRSP, Term Deposits, Referral to Sukhy and Mastoora for mutual funds/stocks.
Name one benefit of making an RRSP Contribution
- tax deductible
- Income earned is tax deferred
- Retirement Savings
- sits outside of an estate, so probate fees are avoided
Who is eligible to contribute to an RRSP?
- anyone with earned income
What will happen to my contribution room when I make a withdrawal?
- You can restore the amount.
Ex: if you have $20K in TFSA and take $10K out, you can always put that $10K back in.
Ex: If you have the max $63,500 contributed and you take out $10K, you cannot put the funds back into the TFSA until the following year (otherwise it's considered an over contribution)
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What is Moose Hide Campaign
What do we need to open an RRSP Contract?
Members SIN, ID, name of Beneficiary they have chose and a Signed RRSP Contract
- Earned income is not taxed
- Sits outside of an estate, so probate fees are avoided.
Since inception, what is the max amount for TFSA contribution?
$63,500
Do you have to have earned income to contribute?
No
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What is A spoonful of sugar :)
Who has to be present when opening a Spousal RRSP?
The plan holder AND the contributor.
Ex: Husband and Wife
What is the penalty for over contribution on TFSA and RRSP?
1% per month of the over contribution amount. They will have to do a withdrawal to stop the penalty from recurring.
Does the max limit for TFSA apply to everyone?
No, it depends on the age of the plan holder.
Ex: If someone is 21, they are only eligible to contribute 2 years worth since they were legal age for only 2 years.
What taxes are payable if you withdraw?
None, members can take money out at any time.
Will you get a T5 for Interest earned on a TFSA?
No, interest earned in a TFSA is tax free.
In a Spousal RRSP, who would be taxed if a withdrawal takes place within 3 years of when the contribution was made?
The Contributing Spouse will get taxed.
If the withdrawal is outside of the 3 year window, it then gets taxed to the actual plan holder.
What Year end slip do you receive when you make an RRSP withdrawal?
T4RSP. Any amount withdrawn from RRSP is considered income.
What is the 2019 RRSP Contribution limit?
$26,500 or the lesser of 18% of income
What is the difference between Successor Annuitant and Beneficiary?
Successor Annuitant is a spouse or Common law partner. - upon death of the plan holder, the plan does not get paid out, it is transferred into the spouses TFSA.
Beneficiary can be anyone. - upon death, the plan is closed and paid out to the beneficiary.
What is the event that takes place Feb 27th and what do we get to wear?
Pink Shirt Day for Anti bullying and we get to wear Jeans and a pink shirt
What 2 programs allow you to withdrawal from an RRSP Tax free?
Home Buyers Withdrawal and Lifelong Learning Plan