How To: Transfer RRSP correctly and avoid an RRSP withdrawal!
In this video I will be teaching you guys how to transfer your RRSP correctly and avoid what the CRA will consider an RRSP withdrawal!
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
Quick Tips: What is a T4RSP? Transfer your RRSP.
We will be teaching you guys what a T4RSP is, what circumstances will lead to one being issued to you and absolute no-no's with regards to your RRSP!
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
How To: Calculate RRSP Contribution Limit
In this video Arielle from Fix My Books will be showing you how to calculate your RRSP contribution limit and how to find your RRSP Contribution limit (without any calculations).
RRSP Contribution limit calculator: https://www.ratehub.ca/investing/rrsp-contribution-limit
How is your RRSP deduction limit calculated: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/contributing-a-rrsp-prpp/contributions-affect-your-rrsp-prpp-deduction-limit.html
CRA Worksheet on how to calculate earned income: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4040/rrsps-other-registered-plans-retirement.html#stp_2chrt_3
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
Quick Tips: What is Earned Income according to the Canada Revenue Agency?
In this video Arielle from Fix My Books will be teaching you about the different types of income that constitutes Earned Income. This is important as this affects your Registered Retirement Savings Plan (RRSP) Contribution room!
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
Quick Tips: What is a Tax-Free First Home Savings Account (FHSA)
In this video Arielle from Fix My Books will be teaching you about the new Tax-Free First Home Savings Account (FHSA) that will be available this year (2023).
Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!
What is a Tax-Free First Home Savings Account (FHSA) (aka First Time Home Buyer Savings Account)
The Canadian Government has proposed the introduction of the Tax-Free First Home Savings Account (FHSA) in the 2022 budget. This new registered plan would give prospective first-time home buyers the ability to save towards their first home by allowing account holders to contribute up to $40,000 over the lifetime of the plan on a tax-free basis.
An FHSA combines the features of a Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA). Similar to a Registered Retirement Savings Plan (RRSP), contributions would be tax-deductible, and withdrawals to purchase a first home, including from investment income, would be non-taxable, like a Tax-Free Savings Account (TFSA).
In the 2023 tax year, Canadians will be allowed to contribute the full $8,000 annual limit during the year.
TFSA vs. RRSP
What is the differences between TFSA’s and RRSP’s?
Here are some of the basic differences below.
