The Registered Disability Savings Plan and the Canada Disability Savings Grant and Bond. Advocis Workshop Presentation February 2014
|
|
- Molly Butler
- 5 years ago
- Views:
Transcription
1 The Registered Disability Savings Plan and the Canada Disability Savings Grant and Bond Advocis Workshop Presentation February 2014
2 Historical background Budget 2006 creation of Minister s advisory committee December 2006 A New Beginning Budget 2007 announcement of RDSPs to be available in 2008 Legislation enacted July 1, 2008 RDSPs available on December 2, 2008 Budget 2010 carry forward of entitlements RRSP rollover Budget 2011 Specified Disability Savings Plan Budget 2012 Episodic disability 3 for 1 repayments RESP rollover
3 Investment options for persons with disabilities Henson Trusts An absolute discretionary trust Beneficiary does not have direct access to funds Is not considered an asset for means testing for provincial disability support payments Registered Disability Savings Plan Is exempt in all jurisdictions for means testing for disability support payments
4 What is a Registered Disability Savings Plan? It is a savings plan for Canadians with disabilities It is a tax-deferred savings vehicle It is for the sole benefit of the beneficiary It assists parents and others in planning for the long-term financial security of a family member with a disability It is a contract between a financial institution and a client, that is operated for the sole benefit of a named beneficiary
5 Who can set up an RDSP? Holder The plan holder is the person who establishes the RDSP and makes contributions into the RDSP on behalf of the beneficiary. The plan holder is responsible for the operation of the RDSP For beneficiaries over the age of majority, the holder is generally the beneficiary For beneficiaries under the age of majority, the holder must be an individual or organization legally responsible for the beneficiary
6 Who qualifies for an RDSP? The beneficiary must be DTC eligible at the time the contract is entered into The beneficiary must be resident in Canada at the time the contract is entered into The beneficiary must be under age 60 (on or before December 31 of the year in which they turn 59) when the contract is opened There can only be one RDSP for a beneficiary at any given time.
7 Contribution limits for an RDSP $200,000 lifetime contribution limit There is no annual limit Contributions include: Regular contributions RRSP rollovers RESP rollovers Contributions are cumulative
8 Canada Disability Savings Grant and Bond The Canada Disability Savings Grant is an annual entitlement for a Canadian with a disability It is income tested based on the family income of the beneficiary Parental income when beneficiary is 18 or under Beneficiary s income beginning the year they turn 19 Based on income tax return filed 2 years previously
9 Canada Disability Savings Grant and Bond The Grant is paid in matching amounts based on contributions A maximum eligibility of $3,500/year A lifetime limit of $70,000 The Canada Disability Savings Bond is an annual entitlement for disabled Canadians with a modest income It is income tested No contribution is required A maximum eligibility of $1,000/year A lifetime limit of $20,000
10 The Grant Entitlement is: $3500/year when income is less than or equal to the second threshold Matched at 300% on first $500 contributed Matched at 200% on next $1000 contributed Or $1000/year when income is greater than the second threshold Matched at 100% on first $1000 contributed
11 The Bond $1000/year when income is less than or equal to the phase-out income Based on the grind-down formula when income is greater than the phase-out income but less than the first threshold No bond is paid when annual income is greater than or equal to the first threshold
12 Annual income phase-out income first threshold second threshold 2014 $25,584 $43,953 $87, $25,356 $43,561 $87, $24,863 $42,707 $85, $24,183 $41,544 $83, $23,855 $40,970 $81, $23,710 $40,726 $81, $21,287 $37,885 $75,769
13 The Bond formula $1,000 when income is <= phase-out income $1,000 - [$1,000 (A - B) / (C - B)] A = family income B = phase-out income C = first threshold
14 Carry forward Announced in Budget 2010 Took effect on January 1, 2011 Grant The GoC pays the best benefit to the beneficiary from available entitlements from the current year and the ten previous years, starting from the oldest to the newest, to a maximum of $10,500 Bond The GoC pays all available Bond for the current year and the previous 10 years (maximum is $11,000)
15 Grant carry forward - example A 32 year old individual with a disability opens an RDSP in The beneficiary has been DTC eligible since his teens and has been living on social assistance In 2008 the beneficiary turned 27
16 Carry forward example Grant eligibility Bond eligibility $3, % 200% $3, % 200% $3, % 200% $3, % 200% $3, % 200% $3, % 200% $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 Contribution amount $5,000 Grant paid Total grant paid Total bond paid 300% $1,500@ 300% $1,500@ 300% $1,500@ 300% $1,500@ 300% $1,500@ 300% $10,500 $6,000
17 Grant carry forward - example A 47 year old individual with a visual impairment opens an RDSP in The beneficiary has always been DTC eligible. The beneficiary s income fluctuates around the second threshold.
18 Carry forward examples Grant eligibility Bond eligibility $3, % 200% $1, % $1, % $3, % 200% $1, % $1, % $0 $0 $0 $0 $0 $0 Contribution amount $3,500 Grant paid 300% $500@ 100% 300% Total grant paid $7,500 Remaining grant available $0 $500 $1,000 $0 $1,000 $1,000
19 Rollovers The GoC will allow the rollover of funds from certain other registered products on a tax-free basis. RRSP rollovers allow a deceased individual s RRSP or RRIF proceeds to be transferred, on a tax-free basis, to the RDSP of a financially dependent infirm child or grandchild. RESP rollover - allow investment income earned in an RESP to be transferred on a tax-free (or rollover ) basis to an RDSP if the plans share a common beneficiary.
20 Assistance Holdback Amount All grant and bond paid in the last 10 years from that particular time, that has not been repaid. The AHA must be repaid to the GoC when: The beneficiary dies The RDSP is closed The RDSP is de-registered The beneficiary is no longer DTC eligible There is a 3 to 1 repayment amount required when there is a withdrawal of funds, up to a maximum of the AHA.
21 Primarily Government Assisted Plan At the start of the calendar year an RDSP is determined to have either more private monies (contributions and rollover amounts) or more government monies (grant and bond) This determines how the RDSP will operate for that calendar year This has an effect on the DAP/LDAP limits When PGAP (more government monies) a beneficiary
22 Payments Disability Assistance Payments Ad hoc payments if allowed by the Specimen Plan Limited by formula Lifetime Disability Assistance Payments Must commence by the end of the year in which the beneficiary turns 60 Annual payments once started Limited by formula
23 Payments The DAP formula from ITA 146.4(4)(l) A / (B C) + D A is the fair market value of the property held by the plan at the beginning of the calendar year (other than annuity contracts held by the plan trust that, at the beginning of the calendar year, are not described in paragraph (b) of the definition qualified investment in subsection 205(1)), B is the greater of 80 or the age in whole years of the beneficiary at the beginning of the calendar year C is the age in whole years of the beneficiary at the beginning of the calendar year D is the total of all amounts each of which is (i) a periodic payment under an annuity contract held by the plan trust at the beginning of the calendar year (other than an annuity contract described at the beginning of the calendar year in paragraph (b) of the definition qualified investment in subsection 205(1)) that is paid to the plan trust in the calendar year, or (ii) if the periodic payment under such an annuity contract is not made to the plan trust because the plan trust disposed of the right to that payment in the calendar year, a reasonable estimate of that payment on the assumption that the annuity contract had been held throughout the calendar year and no rights under the contract were disposed of in the calendar year;
24 Payments Beneficiary under 60 years Beneficiary more than 59 years Maximum Amount Minimum Amount Maximum Amount Minimum Amount PGAP DAP LDAP DAP+ LDAP The greater of: a) Formula result or b) 10% of the FMV No minimum Always combined with LDAP $1.00 $1.00 The greater amount of: a)formula result or b) 10% of the FMV Formula result Non-PGAP DAP LDAP DAP+ LDAP No maximum No minimum No maximum Always combined with LDAP Formula result No maximum $1.00 $1.00 Formula result No maximum Formula result Legislative formula and the FMV as defined in section of the Income Tax Act.
25 Payments The DAP/LDAP is made up of proportional amounts of money held in the RDSP at the time of payment. (Grant, bond, contributions, earnings, rollovers) The taxable portion of the DAP/LDAP is made up of grant, bond, earnings and rollovers. The portion of a DAP/LDAP made up of contributions is non-taxable
26 Special situations - SDSP - Loss of DTC election SDSP Specified Disability Savings Plan When a Medical Doctor attests that the beneficiary s life expectancy is less than 5 years Loss of DTC Should the period of a DTC run out and not be renewed, a beneficiary may elect for the RDSP to remain open for a period of up to 5 years if a medical doctor believes that the condition may caused the individual to again be DTC eligible at some time in the future
27 Estate The RDSP is the property of the beneficiary. Upon death, the RDSP becomes part of the beneficiary s estate. The Assistance Holdback Amount determined as of the date of death is repaid to the Government of Canada.
28 Current Status Program Statistics (Transactions reported as of December 30, 2013): o 80,136 plans registered o $426.9 million in private contributions made o $604.1 million in grants paid into RDSPs o $244.3 million in bonds paid into RDSPs Total assets in RDSPs are well over $1.2 billion Program take-up is approximately 15% of those eligible to open an RDSP.
29 Qualified investments The RDSP Specimen Plan of each Financial Institution will identify the types of investments allowed Each Specimen Plan is different Qualified investments for RDSPs are generally the same as those for Registered Retirement Savings Plans (RRSPs) and Registered Education Savings Plans (RESPs) and include cash, stocks, bonds, GICs, mutual funds and a variety of other investments. Please verify with the particular Specimen Plan
30 Case Studies Johnny is 14 and has Down s syndrome He lives at home with his parents Family income is $100,000 Would you recommend that Johnny s parents open an RDSP? Are there any other recommendations you would make to Johnny s parents?
31 Case Study Bill is 51 and has had an RDSP since Bill s sole source of income is social assistance. In 2013 Bill receives an inheritance of $60,000. How would you advise him to invest the money? Bills father dies leaving Bill the proceeds of a RIF valued at $150,000. What would you advise Bill to do?
32 Case Study Jeff and Linda are the parents of Jeff Junior aged 27, who has an intellectual disability. Jeff Junior lives in a group home and receives ODSP Jeff and Linda inquire about the RDSP What information and investment advice would you provide them?
33 Case Study In October 2012, the year she turned 37, Gloria is severely injured in a car accident. When should Gloria open an RDSP? What if Gloria were 47 when injured? What if Gloria were 57 when injured?
34 List of Financial Institutions BMO Investments Central 1 Credit Union Central 1 Trust Company CIBC Securities Fédération des caisses Desjardins Société de gérance des fonds FMOQ inc. Global Growth Assets Mackenzie Financial Corporation Scotia Securities The Bank of Nova Scotia TD Waterhouse Royal Bank of Canada Investors Group Community Trust Company
35 Contact information For more information about the bond and grant: Visit: Call: O-Canada ( ) TTY: rdsp-reei@hrsdc-rhdcc.gc.ca For more information about the Registered Disability Savings Plan: Visit: Call: TTY:
The Registered Disability Savings Plan and the Canada Disability Savings Grant and Bond
1 The Registered Disability Savings Plan and the Canada Disability Savings Grant and Bond November 2016 2 What is a Registered Disability Savings Plan? The RDSP is a savings plan for Canadians with disabilities.
More informationRegistered Disability Savings Plan, Canada Disability Savings Grant and Canada Disability Savings Bond InfoCapsules
Registered Disability Savings Plan, Canada Disability Savings Grant and Canada Disability Savings Bond s December 19, 2018 Ce document est disponible en français Table of Content Version Date 1 Registered
More informationRegistered Disability Savings Plan, Canada Disability Savings Grant and Canada Disability Savings Bond: A Primer
Registered Disability Savings Plan, Canada Disability Savings Grant and Canada Disability Savings Bond: A Primer Funding for these information sessions is provided by the Government of Canada. / Ces séances
More informationYour Guide to Understanding RDSP REGISTERED DISABILITY SAVINGS PLAN
Your Guide to Understanding RDSP REGISTERED DISABILITY SAVINGS PLAN 2018/2019 Table of Contents WHAT IS AN RDSP 1 Who Can Become a Beneficiary of an RDSP Who Can Set up an RDSP CONTRIBUTIONS 4 Who can
More informationRegistered Disability Savings Plan
Registered Disability Savings Plan What is a registered disability savings plan? A registered disability savings plan (RDSP) is a savings plan that is intended to help parents and others save for the long-term
More informationRegistered Disability Savings Plan
Registered Disability Savings Plan RC4460 (E) Rev. 11 What is a registered disability savings plan? A registered disability savings plan (RDSP) is a savings plan to help parents and others save for the
More informationRegistered Disability Savings Plan
f Registered Disability Savings Plan L / RC4460 (E) Rev. 18 canada.ca/taxes NOTE: In this publication, the text inserted between square brackets represents the regular print information. Is this guide
More informationRegistered Disability Savings Plans (RDSPs)
Registered Disability Savings Plans (RDSPs) BMO Mutual Funds 2 Registered Disability Savings Plans (RDSPs) For many years, individuals and families of individuals with disabilities have sought the best
More informationRegistered Disability Savings Plan
Registered Disability Savings Plan Burnaby February 11, 2012 Ability Tax Group RDSP Resource Centre Pursuing financial security for Canadians with Disabilities The RDSP Is a federal government savings
More informationRegistered Disability Savings Plan
Registered Disability Savings Plan RC4460(E) Rev. 17 Is this guide for you? Use this guide if you want information about registered disability savings plans (RDSPs). This guide has information which is
More informationRegistered Disability Savings Plan
Registered Disability Savings Plan What is a registered disability savings plan? A registered disability savings plan (RDSP) is a savings plan that is intended to help parents and others save for the long-term
More informationJackie Power Director, Tax and Estate Planning
Jackie Power Director, Tax and Estate Planning Disclaimer The content of this presentation (including facts, views, opinions, recommendations, descriptions of or references to, products or securities)
More informationOpening an RDSP. To open an RDSP, there are several conditions that need to be met.
The Navigator INVESTMENT, TAX AND LIFESTYLE PERSPECTIVES FROM RBC WEALTH MANAGEMENT SERVICES An in-depth look at RDSPs Bola Wealth Management RBC Dominion Securities Paul Bola, CFP, FMA Investment and
More informationYour Guide to Understanding RDSP REGISTERED DISABILITY SAVINGS PLAN CENTRAL 1 CREDIT UNION RDSP-101 (Rev.10/10)
Your Guide to Understanding RDSP REGISTERED DISABILITY SAVINGS PLAN 2011 2011 CENTRAL 1 CREDIT UNION RDSP-101 (Rev.10/10) Table of Contents Notes WHAT IS AN RDSP? 1 Who can become a beneficiary of an RDSP?
More informationRegistered Disability Savings Plans. Your guide to saving for a secure future
Registered Disability Savings Plans Your guide to saving for a secure future People with disabilities and their loved ones face a distinct set of financial challenges throughout their lives. To help address
More informationSTEPUP. Registered Assets & Disabled Beneficiaries. Vol. 13, No. 09. Sales Tax Estate Planning Underwriting & Product Newsletter
STEPUP Sales Tax Estate Planning Underwriting & Product Newsletter Registered Assets & Disabled Beneficiaries Parents and families of people with disabilities value peace of mind when considering and making
More informationRDSP, HENSON TRUST OR TFSA?
RDSP, HENSON TRUST OR TFSA? Mackenzie Tax & Estate Planning WEALTH PLANNING FOR THE DISABLED Registered Disability Savings Plans (RDSPs) were launched in 2008 to help build long-term financial security
More informationTaxation of your RRSP/RRIF at death
The Navigator RBC Wealth Management Services Estate planning for your RRSP/RRIF Throughout your life, many opportunities and choices will arise that have financial implications both for the short and long
More informationRC435 E (15) Protected B when completed Rollover from a Registered Education Savings Plan to a Registered Disability Savings Plan
RC435 E (15) Protected B when completed Rollover from a Registered Education Savings Plan to a Registered Disability Savings Plan Legislative references on this form are from the "Income Tax Act". This
More information3/1/2017. Common Complexities: There s No Such Thing As A Simple Estate. Agenda. Working with Clients. February 15, 2017
Common Complexities: There s No Such Thing As A Simple Estate February 15, 2017 Rachel L. Blumenfeld, LLB, TEP Partner, Aird & Berlis LLP Paul W. Taylor, LLB, TEP Associate, Borden Ladner Gervais LLP Society
More informationTHE RDSP AND PEOPLE RECEIVING SOCIAL ASSISTANCE
THE RDSP AND PEOPLE RECEIVING SOCIAL ASSISTANCE HOW PEOPLE WITH A LOW INCOME CAN BENEFIT FROM THE REGISTERED DISABILITY SAVINGS PLAN 2015 Acknowledgements The RDSP and People Receiving Social Assistance
More informationRRSPs and RRIFs on death frequently asked questions
Tax, Retirement & Estate Planning Services WEALTH TRANSFER STRATEGY 8 RRSPs and RRIFs on death frequently asked questions Most Canadians are familiar with the tax advantages of using registered savings
More informationHenson Trusts. Planning for persons with disabilities. The Henson Trust
The Navigator INVESTMENT, TAX AND LIFESTYLE PERSPECTIVES FROM RBC WEALTH MANAGEMENT SERVICES Weatherill Wealth Management Group of RBC Dominion Securities Henson Trusts Planning for persons with disabilities
More informationFact Death of Sheet an RRSP Annuitant
Fact Death of Sheet an RRSP Annuitant G enerally, an annuitant is the person for whom a retirement plan provides retirement income. This information sheet contains general information about the taxation
More informationRegistered Savings Plans and Your Estate
tax corner Registered Savings Plans and Your Estate What you may not know about RRSPs and RRIFs Most Canadians are familiar with the tax advantages of using registered savings plans to save for their retirement
More informationRegistered Education Savings Plans (RESP)
Registered Education Savings Plans (RESP) RC4092(E) Rev. 17 Is this guide for you? Use this guide if you want information about the registered education savings plans. This guide has information which
More informationRRSPs and RRIFs on death Frequently Asked Questions
RRSPs and RRIFs on death Frequently Asked Questions W E A L T H T R A N S F E R S T R A T E G Y 8 Most Canadians are familiar with the tax advantages of using registered savings plans to save for their
More informationCreating Retirement Income With Registered Assets
Registered Retirement Savings Plans (RRSPs) represent the most effective way to save for retirement. Subject to contribution rules and limits, you are allowed to defer income taxes each year on the amount
More informationTAX, RETIREMENT & ESTATE PLANNING SERVICES. Registered Education Savings Plans (RESPs) THE FACTS
TAX, RETIREMENT & ESTATE PLANNING SERVICES Registered Education Savings Plans (RESPs) THE FACTS A Registered Education Savings Plan (RESP) is a tax-assisted plan that can help save money for post-secondary
More informationDeath of a RRIF Annuitant
Death of a RRIF Annuitant A registered retirement income fund (RRIF) annuitant is the owner of a RRIF. This information sheet contains general information about the taxation of amounts held in a RRIF at
More informationRRSPs and RRIFs on death frequently asked questions
TAX, RETIREMENT & ESTATE PLANNING SERVICES WEALTH TRANSFER STRATEGY 8 RRSPs and RRIFs on death frequently asked questions Most Canadians are familiar with the tax advantages of using registered savings
More informationAUTISM AND ESTATE PLANNING
AUTISM AND ESTATE PLANNING Part II Planning for the Parents of an Autistic Child Tuesday, November 23, 2010 Richard Niedermayer Topics Introduction Powers of Attorney for Property Personal Directives Guardianship
More informationPersonal Tax Planning
canadian tax journal / revue fiscale canadienne (2009) vol. 57, n o 2, 338-60 Personal Tax Planning Co-Editors: Pearl E. Schusheim* and Gena Katz** Planning with Registered Disability Savings Plans Jamie
More informationRegistered Education Savings Plans
Registered Education Savings Plans What is a Registered Education Savings Plan? A registered education savings plan (RESP) is a contract between an individual (the subscriber) and a person or organization
More informationFact Sheet. Chart 1 How the RRSP issuer generally prepares the slips used to report the amounts paid from a deceased annuitant s RRSP
Fact Sheet Death of an RRSP Annuitant A registered retirement savings plan (RRSP) annuitant is the person for whom a retirement plan provides retirement income. This information sheet contains general
More informationFederal Budget 2011 summary
Federal Budget 2011 summary For advisor use only IMPORTANT NOTE: Although the government has tabled its budget, it may not be enacted given the opposition's decision to not support it. This summary has
More informationRegistered Retirement Income Fund Time to convert your RRSP
Registered Retirement Income Fund Time to convert your RRSP Since your Registered Retirement Savings Plan (RRSP) matures on December 31 st of the year you turn 71, you will likely convert it to a Registered
More informationMEMBER EDUCATION SAVINGS Planning For The Future
MEMBER EDUCATION SAVINGS Planning For The Future Registered Education Savings Plan A Smart Way to Save for Your Family s Future A Registered Education Savings Plan (RESP) is a government approved plan
More informationYour Guide to Understanding RESP. registered education savings Plan
Your Guide to Understanding RESP registered education savings Plan 2013/2014 Table of Contents WHAT IS AN RESP? 1 Types of RESP plans Types of investments for RESPs How much can be contributed to an RESP?
More informationRegistered retirement income funds (RRIFs)
Tax & Estate Registered retirement income funds (RRIFs) The Income Tax Act (Canada) (the Act ) requires that a registered retirement savings plan (RRSP) matures by December 31 of the year in which the
More informationThe RDSP and People Receiving Social Assistance
The RDSP and People Receiving Social Assistance How People with a Low Income Can Benefit from the Registered Disability Savings Plan 2010 The RDSP and People Receiving Social Assistance page 2 Acknowledgements
More information3-1. The Canada Disability Savings Grant. In this chapter. RDSP Provider User Guide C H A P T E R
RDSP Provider User Guide C H A P T E R 3-1 The Canada Disability Savings Grant The Canada Disability Savings Grant (grant) is a payment made by the Government of Canada to help Canadians with severe and
More informationMEMBER EDUCATION SAVINGS Planning For The Future
MEMBER EDUCATION SAVINGS Planning For The Future Registered Education Savings Plan A Smart Way to Save for Your Family s Future A Registered Education Savings Plan (RESP) is a government approved plan
More informationFact Sheet. Chart 1 How the RRSP issuer generally prepares the slips used to report the amounts paid from a deceased annuitant s RRSP
Death of an RRSP Annuitant Fact Sheet or a PRPP Member A registered retirement savings plan (RRSP) annuitant is the person for whom a retirement plan provides retirement income. This information sheet
More informationRegistered Education Savings Plans
Registered Education Savings Plans What is a Registered Education Savings Plan? A registered education savings plan (RESP) is a contract between an individual (the subscriber) and a person or organization
More informationFact Sheet. Chart 1 How the RRSP issuer generally prepares the slips used to report the amounts paid from a deceased annuitant s RRSP
Fact Sheet Death of an RRSP Annuitant A registered retirement savings plan (RRSP) annuitant is the person for whom a retirement plan provides retirement income. This information sheet contains general
More informationREGISTERED EDUCATION SAVINGS PLANS 1. INTRODUCTION... 3
1. INTRODUCTION... 3 2. REGISTERED EDUCATION SAVINGS PLANS... 4 2.1 THE PARTIES TO AN RESP... 4 2.1.1 The subscriber... 4 2.1.2 The RESP promoter... 5 2.1.3 The RESP beneficiary... 5 2.2 TYPES OF RESPS...
More informationChapter Five Review Questions and Answers
Chapter Five Review Questions and Answers QUESTIONS 1. Consider each of the following trusts. Indicate when the first T3 Return is required to be filed. Briefly explain your answer. The Purple Family Trust
More informationPreparing Returns for Deceased Persons
Preparing Returns for Deceased Persons 2010 T4011(E) Rev. 10 Before you start Is this guide for you? Use this guide if you are the legal representative (see page 5) who has to file an Income Tax and Benefit
More informationYour Guide to Understanding RESP REGISTERED EDUCATION SAVINGS PLAN
Your Guide to Understanding RESP REGISTERED EDUCATION SAVINGS PLAN 2018/2019 Table of Contents WHAT IS AN RESP 1 Types of RESP Plans Types of Investments for RESPs How Much Can Be Contributed to an RESP
More informationU.S. Estate Tax and High Net Worth Canadians: Determining if You Have Any Liability
U.S. Estate Tax and High Net Worth Canadians: Determining if You Have Any Liability If the value of your worldwide assets exceeds US$11.18 million and you hold more than US$60,000 in property situated
More informationTAX NEWSLETTER. May 2017 FEDERAL BUDGET HIGHLIGHTS SECTION 85 TAX-FREE ROLLOVER TO CORPORATIONS TAXATION ON DEATH AROUND THE COURTS
TAX NEWSLETTER May 2017 FEDERAL BUDGET HIGHLIGHTS SECTION 85 TAX-FREE ROLLOVER TO CORPORATIONS TAXATION ON DEATH AROUND THE COURTS FEDERAL BUDGET HIGHLIGHTS This year s Federal Budget was released on March
More informationRRSPs and Other Registered Plans for Retirement
RRSPs and Other Registered Plans for Retirement T4040(E) Rev. 10 Before you start Is this guide for you? Use this guide if you want information about registered pension plans (RPPs), registered retirement
More informationRegistered Retirement Savings Plan
Registered Retirement Savings Plan A pillar of retirement income planning One of the pillars of retirement income planning in Canada is the Registered Retirement Savings Plan (RRSP). Introduced by the
More informationRRSPs and Other Registered Plans for Retirement
RRSPs and Other Registered Plans for Retirement T4040(E) Rev. 11 Before you start Is this guide for you? Use this guide if you want information about registered pension plans (RPPs), registered retirement
More informationYear-End Tax Planner Our latest ideas and tips in reducing your 2018 tax burden
www.segalllp.com December 2018 Year-End Tax Planner Our latest ideas and tips in reducing your 2018 tax burden Welcome! Dear clients and friends, as we approach the end of another year, now would be a
More informationRetirement Income Options for Group Retirement Plan Members
Retirement Income Options for Group Retirement Plan Members Everything you should know about your retirement income options Make the choice that s right for you You ve been enjoying the benefit of saving
More informationRegistered retirement savings plans (RRSPs)
Tax & Estate Registered retirement savings plans (RRSPs) RRSPs allow taxpayers to minimize their tax burden by making taxdeductible contributions toward their retirement while they are in their higher-taxed,
More informationTax & Retirement Planning Guide
Tax & Retirement Planning Guide TD Asset Management Inc. (TDAM) understands the importance of maximizing the after-tax income for investors since, for most Canadians, paying taxes is their biggest lifetime
More informationRetiring Right: Understanding the Taxation of Retirement Income
January 2019 Retiring Right: Understanding the Taxation of Retirement Income Jamie Golombek & Tess Francis Tax & Estate Planning, CIBC Financial Planning and Advice The question isn't at what age I want
More informationGroup Savings Plan 2001
PLAN SUMMARY Group Savings Plan 2001 Type of Plan: Group Scholarship Plan Investment Fund Manager: C.S.T. Consultants Inc. May 9, 2017 This summary tells you some key things about investing in the Plan.
More informationNATIONAL BANK OF CANADA. NBC Auto Callable Note Securities (no direct currency exposure; price return) Program
This Pricing Supplement (the Pricing Supplement ) together with the short form base shelf prospectus dated July 4, 2016, as amended or supplemented (the Prospectus ) and the Prospectus Supplement thereto
More informationPensions Part 2 Defined Contribution Plans
June 3, 2010 Pensions Part 2 Defined Contribution Plans This article is the second part of a four-part series on employer retirement plans. Due to the complexity and variety of employer retirement plans,
More informationRegistered Education Savings Plans (RESPs)
October 27, 2011 Registered Education Savings Plans (RESPs) Withdrawing from the plan and non-resident issues If your registered education savings plan (RESP) beneficiary has enrolled or is enrolling in
More informationRegistered education savings plans (RESPs)
Tax & Estate Registered education savings plans (RESPs) Frequently asked questions Government grants and tax-deferred growth make RESPs an attractive way to save for the rising cost of a child s post-secondary
More informationAddendum. Addendum. For New Ontario LIFs. Scotia Self-Directed Life Income Fund (LIF)
Addendum Addendum For New Ontario LIFs (Opened beginning January 1st, 2008) This Addendum sets out further provisions that apply to LIFs which are subject to the Pension Benefits Act (the Act ) of the
More information2011 Federal Budget. June 6, Highlights of the key tax measures that have a direct impact on you
2011 Federal Budget June 6, 2011 Highlights of the key tax measures that have a direct impact on you An executive summary from RBC Wealth Management Services The 2011 Federal Budget June 6, 2011 A summary
More informationInsurance Solutions for Individual Needs
Insurance Solutions for Individual Needs This brochure looks at some of the different needs individuals can experience and it shows how insurance can help meet those needs. Leaving a Legacy at Death Life
More informationThe Navigator. Pensions Part 2 Defined Contribution Plans RBC WEALTH MANAGEMENT SERVICES
The Navigator RBC WEALTH MANAGEMENT SERVICES Pensions Part 2 Defined Contribution Plans This article is the second part of a four-part series on employer retirement plans. Due to the complexity and variety
More informationRetirement Income Options for Group Retirement Savings Plan Members. Understanding Your Retirement Income Choices
Retirement Income Options for Group Retirement Savings Plan Members Understanding Your Retirement Income Choices Everything you should know about Make the choice that s right for you You've been enjoying
More informationNewsletter PERSONAL. November 2018 Issue 46
IN THIS ISSUE The Principal Residence Exemption Life Insurance Low-Tax Bracket Family Members Testamentary Trusts RRSPs and RRIFs Shares and Partnership Interests Donations Spouse and Common-Law Partner
More informationRRSPs and Other Registered Plans for Retirement
RRSPs and Other Registered Plans for Retirement T4040(E) Rev. 12 Is this guide for you? U se this guide if you want information about registered pension plans (RPPs), registered retirement savings plans
More informationThis is the second article in a two-part series. The first article, Establishing an RESP, covers the basics of RESPs including:
RBC Wealth Management Services The Navigator Registered Education Savings Plans (RESPs) Withdrawing from the plan and non-resident issues If your registered education savings plan (RESP) beneficiary has
More informationTax-Free Savings Account (TFSA) How the TFSA can help you reach your financial goals
October 21, 2010 Tax-Free Savings Account (TFSA) How the TFSA can help you reach your financial goals The Tax-Free Savings Account (TFSA) was introduced by the federal government in the 2008 budget. Since
More informationRetirement Savings Guide
advisory Solutions There is no question about it, saving for retirement should be one of your primary financial planning objectives. After all, with increased life expectancies you could be spending a
More informationOntario Works Policy Directives
Ontario Works Policy Directives 4.7 Pensions, RRSPs and RESPs Legislative Authority Section 7(3) of the Act. Sections 14(1), 15.1, 17(2), 32, 38, 39, and 62(3) of Regulation 134/98. Audit Requirements
More informationProposed Regulation: Pension Payments from Pension Plans which provide Defined Contribution Benefits
A. Background Proposed Regulation: Pension Payments from Pension Plans which provide Defined Contribution Benefits In December 2010, Bill 120 amended the Pension Benefits Act (PBA) to allow pension plans
More informationREPORTER SPECIAL EDITION CORPORATE TAXATION UPDATE REVISIONS TO SMALL BUSINESS DEDUCTION
REPORTER SPECIAL EDITION NOV. 2016 ASSURANCE / TAX / BUSINESS ADVISORY SERVICES CORPORATE TAXATION UPDATE REVISIONS TO SMALL BUSINESS DEDUCTION In its budget of March 16, 2016, the Quebec government made
More informationPROTECTING YOUR DEPOSITS. From $1 to $100,000
PROTECTING YOUR DEPOSITS From 1 to 100,000 The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation created in 1967 to protect the money you deposit in member financial institutions
More informationDeath and Taxes It s Never Too Early To Plan. Franklin H. Famme, CPA, CA
Death and Taxes It s Never Too Early To Plan Franklin H. Famme, CPA, CA Benjamin Franklin Agenda Understanding Estates Taxes Upon Death Probate Income Tax Taxes After Death Understanding Estates Jointly-Held
More informationHenson Trusts. Irene So & Associates Planning for disabled dependants
Henson Trusts Planning for disabled dependants In drafting his last Will and testament, Leonard Henson established a trust to allow his disabled daughter, Audra, to benefit from his estate while preserving
More informationRRSP Checklist. To qualify as a 2010 deduction, contributions to your personal or spousal RRSP must be made on or before March 1, 2011.
RRSP Checklist The RRSP deadline is March 1, 2011. To qualify as a 2010 deduction, contributions to your personal or spousal RRSP must be made on or before March 1, 2011. Determine your RRSP contribution
More informationScotia Retirement Savings Plan (RSP) Scotia Locked-in Retirement Savings Plan (LRSP) Scotia Locked-in Retirement Account (LIRA)
Scotia Retirement Savings Plan (RSP) Scotia Locked-in Retirement Savings Plan (LRSP) Scotia Locked-in Retirement Account (LIRA) Declaration of Trust 1. Terms Used in this Agreement Words and phrases used
More informationLocked-In Retirement Savings Plan Amending Agreement Federal Pension Legislation
Page 1 of 5 Locked-In Retirement Savings Plan Amending Agreement Pension Legislation Locked-in RSP Account number You, (the Annuitant ), are entitled to pension monies which (print name of Annuitant) are
More informationA nd Edition, (Updated: July 25, 2011)
A-201 2 nd Edition, 2008 (Updated: July 25, 2011) A201 - T1-2 28 Taxation Concepts pertaining to Insurance of Persons The actual amount of assessable dividends 6 is grossed-up by 45% to arrive at a taxable
More informationRestricted Locked-In Savings Plan Amending Agreement Federal Pension Legislation
7273-2018/04 Page 1 of 5 Restricted Locked-In Savings Plan Amending Agreement Pension Legislation Restricted LSP Account number You, (the Annuitant ), are entitled to pension monies which (print name of
More informationIncome Tax. This bulletin supersedes bulletin IMP dated December 30, 1998.
INTERPRETATION AND ADMINISTRATIVE BULLETIN CONCERNING THE LAWS AND REGULATIONS Income Tax IMP. 1056.4-1/R1 Late, amended or revoked election Date of publication: April 28, 2006 Reference(s): Taxation Act
More informationRRSPs and Other Registered Plans for Retirement
RRSPs and Other Registered Plans for Retirement 2008 T4040(E) Rev. 08 Before you start Is this guide for you? Use this guide if you want information about registered pension plans (RPPs), registered retirement
More informationScotia Self-Directed Group Retirement Savings Plan (Group RSP) Scotia Self-Directed Group Locked-in Retirement Savings Plan (Group LRSP)
Declaration of Trust 1. Terms Used in this Agreement Words and phrases used in this Agreement have the following meanings: Agreement means the Application and this Declaration of Trust; annuity has the
More informationTax & Retirement Planning Guide
Tax & Retirement Planning Guide TD Asset Management Inc. realizes the importance of maximizing investors after-tax income. For most Canadians, paying taxes is their biggest lifetime expense. Tax planning
More informationEstablishing an educational path
Establishing an educational path Setting up an RESP A Registered Education Savings Plan (RESP) is a savings tool primarily designed to assist in saving for a child s postsecondary education. Contributions
More informationPersonal Tax Planning. July 21, 2014
Personal Tax Planning July 21, 2014 Tax Deductions and Credits Tax planning begins with the effective use and application of available tax deductions, and non-refundable tax credits With a progressive
More informationCONTENTS VOLUME II VOLUME I. The detailed contents of both Volume I and II follow. The textbook is published in two Volumes:
CONTENTS The textbook is published in two Volumes: Volume I = Chapters 1 to 10 Volume II = Chapters 11 to 21 Chapter I Chapter II 1 Introduction To Federal Taxation In Canada 11 Taxable Income and Tax
More informationApril 21, 2015 CPA CANADA FEDERAL BUDGET COMMENTARY
April 21, 2015 CPA CANADA FEDERAL BUDGET COMMENTARY TABLE OF CONTENTS BUSINESS INCOME TAX MEASURES... 4 Reduced Small Business Tax Rate... 4 Dividend Tax Credit (DTC) Adjustment for Non-eligible Dividends...
More informationCONTENTS VOLUME II VOLUME I. The detailed contents of both Volume I and II follow. The textbook is published in two Volumes:
CONTENTS The textbook is published in two Volumes: Volume I = Chapters 1 to 10 Volume II = Chapters 11 to 21 Chapter I Chapter II 1 Introduction To Federal Taxation In Canada 11 Taxable Income and Tax
More information2012 Federal Budget March 29, 2012
2012 Federal Budget March 29, 2012 A summary of the key tax measures that may have a direct impact on you On March 29, 2012, Federal Finance Minister Jim Flaherty delivered the majority government s 2012
More informationKnowing how the tax rules affect your
BMO NESBITT BURNS Tax Tips for Investors 2013 Edition Tip 1: Reduce Tax With Income Splitting Under our tax system, the more you earn, the more you pay in income taxes on each incremental dollar earned.
More informationCovered Bonds Business Supplement
CANADA MORTGAGE AND HOUSING CORPORATION Covered Bonds Business Supplement SECOND QUARTER June 3, 18 The Covered Bonds Business Supplement document is based on publicly available information and provides
More information2016 Edition Tax Tips for Investors
BMO Financial Group April 2016 2016 Edition Tax Tips for Investors Knowing how the tax rules affect your investments is essential to maximize your after-tax return. Keeping up to date on changes to the
More informationCONTENTS OF CHAPTER 4. Taxable Income And Tax Payable For Individuals
CONTENTS OF CHAPTER 4 Taxable Income And Tax Payable For Individuals INTRODUCTION TAXABLE INCOME OF INDIVIDUALS Available Deductions Ordering Of Deductions Deductions For Payments - ITA 110(1)(f) Home
More information