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To be used for questions related to RRSP [Registered Retirement Savings Plan] as applicable in Canada. This is a older program, the newer one being TFSA [Tax Free Savings Account Program]

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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. ...
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0answers
26 views

Relationship between RRSP and Pension plan in Canada

What is relationship between RRSP and Pension? I know that contribution to Pension Plan reduces your contribution limit to RRSP but is it only certain kind of Pension Plan or all? Does it matter if it ...
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0answers
30 views

To lease or buy when I have the cash in my RSP

I am retired, collecting a pension, CPP & OAS. I also have money in my RSP, which becomes taxable when I withdraw it. I purchased, for cash & a trade-in, a 2014 BMW SUV. Sale price was $39000. ...
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21 views

RRSP benficiary

I am beneficiary on my common law partner's RRSP - The wealth management people at Canaccord Genuity had me sign all the necessary papers a week or so after her death and have indicated every ...
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0answers
12 views

How do you know if you need to file for a T1-OVP?

I overcontributed in December 2016 and withdrew all of the amount in March 2017. For the year 2017, I deducted the withholding tax shown in my T4RSP slip. My accountant told me I don't need to file ...
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2answers
297 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I have withdrawn $15,000 using Canada Home Buyer's Plan from my spouse's RRSP account in the year 2016.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 ...
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1answer
65 views

Should I open an RRSP if I don't plan to retire in Canada?

I'm currently working in Canada and my employer offers a program where they match my RRSP contributions up to a certain percentage of my salary. Should I start contributing to RRSP even though I ...
3
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2answers
75 views

Cashed RRSP For Startup Venture

I cashed out my RRSP to fund a startup venture. The RRSP value was significant, $100k. It now appears that the startup venture may not proceed. Can I put the money back into an RRSP with minimal ...
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1answer
97 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 ...
3
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1answer
59 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?
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1answer
76 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 ...
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1answer
53 views

Canadian RRSPs Transfer

Can I move my Canadian RRSP savings to the UK without incurring heavy taxation? If so, how can this be done? Thank you. (been going round in circles on the internet with this question).
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4answers
314 views

Is there any reason to choose my bank's index fund over Vanguard?

I'm planning on transferring some of the money in my RRSP into an index fund. My bank (CIBC), has a balanced index fund that has 1.2% management expense ratio (https://www.cibc.com/en/personal-banking/...
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1answer
104 views

Does it ever make sense not to join DC pension?

Background I have always contributed the maximum possible amount to my RRSP (and TFSA for that matter). My portfolio is comprised of a diverse mix of low-cost ETFs in a self-directed account. In my ...
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2answers
77 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 ...
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1answer
131 views

Carrying forward an RRSP over contribution to balance the account when the new contribution room becomes effective [duplicate]

For year 2016 I had like $6000 contribution room. The company I work for has accumulated $9000 in an account (accumulated benefit for 4 years) and deposited the entire amount in February 2016 but ...
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3answers
165 views

Building a diversified portfolio at market high

I am a Canadian, setting up an ETF-based RRSP in Questrade. Right now I have 70% of my portfolio in Canadian bonds, the other 30% of my portfolio is in cash, in USD. I am modelling my portfolio after ...
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1answer
66 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 ...
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1answer
411 views

Can I withdraw money from my RRSP without penalty in the same year I deposited it?

During this year I deposited $5,000 to my RRSP account. Can I withdraw this money from my RRSP without penalty since it has not yet been claimed, or will this incur a tax or contribution room penalty?
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0answers
19 views

When can I start contributing to my Spousal RRSP again without attribution implications?

I have a question about the Spousal RRSP that I want to validate. When can you start contributing back to a Spousal RRSP after a withdrawal has been made? Summary of actions taken so far: My last ...
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2answers
338 views

Employer RRSP match vs. contribution limits for recent grad with no RRSP room?

I'm just starting my first job ($55k), which includes an employer RRSP match up to 5% of my income. I only have $500 of RRSP deduction limit for this year as I have never worked before. Can I ...
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0answers
42 views

What is the method to calculate pension adjustment as shown on a T4?

How does an employer calculate Pension Adjustment (Box 52 on T4). Is it the amount of money that the employer contributes on my behalf each year to the company's pension plan + any optional ...
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2answers
367 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 ...
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2answers
75 views

What are the consequences of transferring US equities from TFSA to RRSP?

I plan on transferring stocks owned in my TFSA to my RRSP as part of my 2015 RRSP contributions. However, I do own some US stocks in my TFSA. When I transfer those stocks, are there any tax ...
2
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1answer
117 views

As an American living in Canada what should I consider in determining distribution between RRSP and IRA contributions?

I worked in the US for 15 years before moving to Canada which resulted in a retirement portfolio in the US that contains a traditional IRA. Now living in Canada I have opened an RRSP and have ...
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2answers
91 views

Does contributing to company pension take away from RRSP contribution room

My employer offers a defined benefit pension plan, but allows the employee to do additional contributions. Now, if I contribute to my employer pension, does that take away from the RRSP contribution ...
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1answer
197 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 ...
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5answers
2k views

Withdrawing cash from investment: take money from underperforming fund?

Suppose Bob has $15K invested in an account with 2 funds (for this question we'll assume a Canadian RRSP, but the country/tax implications probably aren't relevant). He has $10K in a conservative ...
3
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1answer
170 views

Can I invest RRSP funds in ETFs myself in Canada?

I've just realized that the funds I have much of my RRSP money in has about 2.25% annual fees. All of the funds available to Desjardins RRSP personal accounts have these high fees. I've found VFV.TO, ...
2
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1answer
70 views

Spousal RRSP account

I am a first time home buyer and am thinking of making use of the HBP (Home Buyer's Plan). Both me and my wife are currently employed and have RRSP accounts in financial institutions through our ...
2
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1answer
455 views

Can the Home buyer's Plan (HBP) RRSP repayment start from the same year in which the loan is taken?

I am a first time home buyer and am thinking of making use of the HBP (Home Buyer's Plan). I have $35,000 in RRSP contribution limit. I am planning to deposit $25,000 into my RRSP account and $10,000 ...
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1answer
182 views

What is an “RRSP deduction limit” for?

I'm not asking what my limit is—I can see what is the dollar amount of my deduction limit. Rather, I don't quite grasp what is an RRSP deduction limit for? Why is there a limit? A limit to what?...
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1answer
153 views

Where to park money from the sale of a rental property?

If I sell my investment property to raise cash for the purchase of a new home, I am required to pay capital gains tax (i.e. income tax on 50% of the gain amount.) Is there a way to park this money ...
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1answer
3k views

Do employer matching contributions in an RRSP count towards the contribution room?

My employer gives a matching contribution for my RRSP. So let us say if I contribute $5000, the employer contributes $2000 (free money.) Does this $2000 contributed by my employer also eat up my ...
3
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1answer
870 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 ...
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1answer
164 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 ...
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2answers
641 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 ...
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1answer
49 views

Are contributions made to RRSP which are paying back a HBP withdrawal still tax deductible like regular contributions?

The title of the question says it all. If I detour my $25,000 down payment into my RRSP for a few months to get the tax benefit associated with that, then withdraw it for the HBP, and continue making ...
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1answer
1k views

Option spreads in registered accounts

Are there any option brokers for canadian people that allow you to do credit and debit spreads in their rrsp and Tfsa accounts?
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1answer
230 views

Do I need to report RRSP gain even if it is not taxable?

If I put $100 in RRSP, and the 100 becomes 105$ at the end of the year, I don't pay any tax on the $5 unless of course I withdraw the money from my RRSP. Do I still need to report the $5 as income on ...
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1answer
103 views

Is the interest earned on a TFSA account tax deductible if it is moved to an RRSP

Let us say at the beginning of the year I put 5000 dollars in a TFSA account. I invest that money, get 5% and in December, I move the principal + interest = 5250 $ in my RRSP. Now, RRSP contributions ...
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2answers
232 views

Mathematics behind deciding to do a lump sum mortgage payment vs. RRSP contribution?

If I have 10,000 extra dollars, how could I decide between doing either: A lump sum mortgage prepayment (2.1% variable closed interest rate, 250k remaining balance), or, An RRSP contribution (...
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1answer
93 views

How to do charitable donation from RRSP? Can there be a tax benefit?

Is there a way to donate to a charity straight out of an RRSP? That way I get the RRSP tax deduction benefit and at same time can also contribute to a charity.
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1answer
484 views

self directed RRSP for a non resident

I am a US resident and want to take money out of my superannuation municipal plan and have it converted to an RRSP. However, some banks don't allow you to obtain a self directed RRSP if you are not ...
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2answers
239 views

What is RRSP Withholding Tax?

I am confused by the "Withholding tax" on an RRSP withdrawl. If I withdraw funds from my RRSP, am I subjected to a 10%-20% with-holding tax? Does this basically mean that my money will be reduced by ...
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2answers
128 views

Is there an easy way to calculate how much you can contribute to an RRSP if you never have before?

Is there a simple way of calculating how much you can contribute to an RRSP if you have never contributed at all?
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1answer
109 views

Are retirement contributions for temporary workers in Canada mobile?

I am an American citizen about to start a temporary three-year position in Canada. It's possible but unlikely that I will settle in Canada permanently. Will I be required to contribute to a ...
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1answer
95 views

Is it possible to use an RRSP mortgage to pay off a line of credit?

I'm told that the only requirement for obtaining an RRSP mortgage loan, is having the mortgage insured by a recognized mortgage insurer - and that the insurers can sometimes be negotiated with, with ...
3
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1answer
890 views

How do I do double-entry bookkeeping for separately-managed investment accounts?

Double-entry bookkeeping is new to me but is something I'm trying to apply to our personal finances. The area I am struggling with is how to deal with our investments. We have a mix of Canadian RRSP ...
3
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1answer
2k views

Penalty for withdrawing from RRSP and putting it back into another RRSP

If I take money out of my RRSP and put it back in an RRSP with a different bank, is there a penalty? To avoid the penalty, I guess there needs to be a straight RRSP --> RRSP transfer?