COMMERCE 4SD3 Lecture Notes - Lecture 10: Registered Retirement Savings Plan, Registered Retirement Income Fund, Old Age Security
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Chapter 9 miscellaneous inclusions into income, deductions, etc. in calculating division b (net income for tax) 509: pensions, old age security, a (cid:862)(cid:374)eeds(cid:863) test. It is not taxable to the receiver: spousal support. If made periodically, it is deductible & taxable to the payer/receiver. If (cid:455)ou (cid:373)ake a lu(cid:373)p su(cid:373) pa(cid:455)(cid:373)e(cid:374)t, (cid:455)ou (cid:272)a(cid:374)"t dedu(cid:272)t it, i(cid:374) order for it to be deductible it has to be period: two types you can receive (above, pg. 506: tax free savings account (tfsa, started in 2009, money put into the account is not tax deductible, money grows on a tax-free basis. If you buy shares from the tfsa, you are protected from taxes too, but if you incur a loss from the shares you cannot claim any capital losses since its in a. Income fund: c) go to an insurance company, and create an annuity, once you convert the rrsp to an annuity or rrif, you can no longer contribute to the.
