Other ASL Work
Here you will find a miscellaneous works in ASL from all three years of my study at George Brown College.
Financial: RRSP Withdrawl & Transfers (AEIP Year 2)
Withdrawing from an RRSP
Any income you earn in the RRSP is usually exempt from tax for the time the funds remain in the plan. However, you generally have to pay tax when you cash in, make withdrawals, or receive payments from the plan. If you own locked-in RRSPs, generally you will not be allowed to withdraw funds from them. If you do not know if your RRSPs are locked in, contact your RRSP issuer. If your RRSPs are not locked in, you can withdraw funds at any time.
You can withdraw unused contributions you made to an RRSP [Unused Contributions are when you put money into an RRSP, but do not declare it on that year's tax form. In the following year, this money becomes known as an unused contribution]
Tax Rates:
When you withdraw funds from an RRSP, your financial institution withholds the tax. The rates depend on your residency and the amount you withdraw. For residents of Canada, the rates are:
Transferring:
You can transfer certain types of payments to a registered retirement savings plan (RRSP) or from one registered plan to another, such as a registered pension plan (RPP), registered retirement income fund (RRIF), specified pension plan (SPP), a deferred profit sharing plan (DPSP), or a pooled registerd pension plan (PRPP).
References:
Making withdrawals. (2014, January 8). Retrieved November 28, 2014, from http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/wthdrwls/menu-eng.html
Making RRSP contributions. (2014, February 18). Retrieved November 28, 2014. from http://www.theglobeandmail.com/globe-investor/investor-education/investor-education-fund/rrsps/making-rrsp-contributions/article16880051/
Transferring. (2014, January 8). Retrieved November 28, 2014, from http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/trnsfrrng/menu-eng.html
Any income you earn in the RRSP is usually exempt from tax for the time the funds remain in the plan. However, you generally have to pay tax when you cash in, make withdrawals, or receive payments from the plan. If you own locked-in RRSPs, generally you will not be allowed to withdraw funds from them. If you do not know if your RRSPs are locked in, contact your RRSP issuer. If your RRSPs are not locked in, you can withdraw funds at any time.
You can withdraw unused contributions you made to an RRSP [Unused Contributions are when you put money into an RRSP, but do not declare it on that year's tax form. In the following year, this money becomes known as an unused contribution]
- Report your RRSP income on line 129 of your income tax and benefit return for the year the RRSPs are withdrawn.
Tax Rates:
When you withdraw funds from an RRSP, your financial institution withholds the tax. The rates depend on your residency and the amount you withdraw. For residents of Canada, the rates are:
- 10% (5% in Quebec) on amounts up to $5,000;
- 20% (10% in Quebec) on amounts over $5,000 up to including $15,000; and
- 30% (15% in Quebec) on amounts over $15,000.
Transferring:
You can transfer certain types of payments to a registered retirement savings plan (RRSP) or from one registered plan to another, such as a registered pension plan (RPP), registered retirement income fund (RRIF), specified pension plan (SPP), a deferred profit sharing plan (DPSP), or a pooled registerd pension plan (PRPP).
References:
Making withdrawals. (2014, January 8). Retrieved November 28, 2014, from http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/wthdrwls/menu-eng.html
Making RRSP contributions. (2014, February 18). Retrieved November 28, 2014. from http://www.theglobeandmail.com/globe-investor/investor-education/investor-education-fund/rrsps/making-rrsp-contributions/article16880051/
Transferring. (2014, January 8). Retrieved November 28, 2014, from http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/trnsfrrng/menu-eng.html