ACCO 340 Chapter 9: Lesson 9
25 Jan 2017
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Can be deducted from income, reduces income and taxes. Save money because money is guaranteed by government. Money invested is tax free, interest is tax free. Contribute from march to march, unless feb 29! Exammmm ignore r & c exam a + b ignore pa formula. = a unused rrsp deduction from prior years. Plus or minus business income or loss. Plus or minus rental income or loss. Plus or minus taxable spousal support received or paid. Undeducted contribution extra contributions above income deducted the year after. Unused rrsp deduction room is always carried over. Exammmm calculate limit and decided whether good, under ,000 or 1% penalty. Lifetime excess contribution of ,000 that is allowed to be kept in the plan but cannot be deducted because interest is tax free under ,000, any amount above must be withdrawn, 1% penalty per month. Departure from canada, non resident, rrsp plan can be collapsed.
