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Q. My husband and I are both retired. He still has income from his business, and I have cashed in all of my RRSPs but one. My question is: Can Hubby cash one of his RRSPs (and pay taxes, of course), but then turn around and buy a spousal RRSP for me? Would that be worth doing? Then I could cash this.... More »
It’s been about a week since federal budget day and I still have questions about some of the things the government announced. For instance, why did they introduce a deferred annuity, which will allow Canadians to put 25% of their RRSP or RRIF into an annuity that must start paying out by 85 at the.... More »
Q. I plan to do a pension buyback for my service with the Government of Canada. Can I deduct the lump sum payment from my total income if I fully pay the amount at once? And will the total income reported on my T4 be reduced if I choose to deduct a certain amount from each pay stub? Looking forward .... More »
The Liberals’ last budget of this mandate sets the stage for the October federal election and includes a sprinkling of money for voters across a wide spectrum. But there are also gaps in spending for some groups. Here’s what the budget does and doesn’t do, for five key voting group.... More »
Q: I’m wondering if there is a simple way to calculate the tax liability to named RRIF beneficiaries upon death of the account holder? My wife’s mother passed away in October 2018. My wife was one of 3 named beneficiaries of a RRIF worth $265,000, and her share was $117,000 (44%). There are no.... More »
Q. I have been retired and living in the Philippines since 2009. I file my taxes as a non-resident of Canada. I have an RRSP, a LIRA, as well as a non-registered account with a major Canadian bank. My world income is 100% from Canada consisting of CPP, systematic withdrawals from retirement savings, and OAS to follow when I reach 65 next year. When monies are withdrawn the bank retains a 25% holdback for taxes. When I file my non-resident taxes I get a partial refund as my withdrawals to date have been minimal hence my tax rate has been less than 25%.
My question has to do with taxes being withheld from dividends earned from both my registered and non-registered stocks. The bank also deducts a withholding tax from dividends as they are paid out. I do not receive an information slip for taxes withheld from dividends. These dividend-paying funds were purchased when living and working in Canada during my long career. They are primarily held in U.S. funds. Why am I being taxed on these dividends without receiving an information slip?
Thank you in advance, Gregor