- I worked full time half the year then retired. I collected a severance of $34,000 which I rolled into an RRSP. My income tax receipt show the amount of deductions for the 2015/16 taxation year.Do I have to claim this this year or would it be preferable to claim it this year or next. Or must I claim it this year. I have not maxed out my contributions for the 2015 taxation year[…]
- I am a Canadian citizen and my wife is an American citizen. She has applied for Permanent Resident status and her application is still being reviewed. She does not have a SIN number yet. I want to tax split my pension income with her. She files her tax return in the USA and has no Canadian Income. We live together and spend time in both Canada and the USA. She has BC Medical and we reside in our respective homes in Canada and the USA. Can I split my pension income with her?[…]
- Is my British pension taxed at the source , or do I declare it to the CRA as income
- How should I report contributed amount to a registered retirement savings plan on my income tax form? Which line number is the correct one for me to enter?
- I moved my funds from a UK pension to Canada and received a Self-directed retirement savings plan receipt which states “Transfer Under Paragraph 60 (J) ITA.” Should I put the amount in line 245 and line 240 on Schedule 7?
Posted February 10th 2015
Pension income splitting allows senior couples to save a significant amount of tax by transferring up to 50 per cent of qualifying pension income to their spouse or common-law partner. There are specific requirements and only certain pension income is eligible, but splitting income allows money to be moved from one spouse’s higher tax bracket […]
Posted December 8th 2014
Death is a topic that few, if any, like to talk about—particularly our own. But with death and taxes being the only definite things in life, we should be prepared for the inevitable whether its in the near or far future. Creating a will can help our loved ones carry out our wishes when we’re […]
Posted March 12th 2014
A good number of Canadians take advantage of the pension-splitting option, however they may not be aware that it comes with a fairly stringent time provision. Normally you can go back 10 years to make a late election you missed when you filed your return. However, in the case of pension income splitting, the request […]