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By making large lump-sum transfers to your RRSP, you may signi cantly boost the level of the assets in your plan While an RRSP is a great retirement vehicle, large lump-sum transfers may leave you with more in your RRSP than you need to provide a comfortable income in retirement If this is the case, consider an RRSP freeze or meltdown strategy, which can leave you with more after-tax income in retirement than you would otherwise have The strategy is not for everyone See Tip 65 for more
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for Pat that assets can be transferred tax-free between RRSP accounts I, on the other hand, have changed RRSP accounts only once I moved from an account at my bank where I held mutual funds to a self-directed RRSP A self-directed plan let me continue holding those mutual funds I owned, but I m now able to hold many other kinds of investments as well I like the exibility Whatever your reasons for changing, rest assured that the tax collector doesn t mind a move from one RRSP account to the next Too bad Martin didn t know that Here s his story
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to switch from one RRSP to another with different investment options Last week, he withdrew the full $30,000 sitting in his original RRSP and then wrote a cheque for $30,000 to his new RRSP carrier In doing this, Martin made a mistake that cost him nearly $10,000 in tax! You see, Martin only has
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ince Martin has not been thrilled with his RRSP s investment performance, he has decided
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$10,000 of RRSP contribution room available Because he made a $30,000 withdrawal, he has to report this amount as income this year But he s only entitled to contribute $10,000 this year to an RRSP and claim a deduction for it The remaining $20,000 will be exposed to tax this year Yikes bad move by Martin He could have avoided any tax on the $30,000 by arranging for a direct transfer of his RRSP assets to the new account
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It could be that you re entitled to receive a retiring allowance when you leave your current job A retiring allowance could include any number of payments received by you, or by your loved ones after your death, in recognition of your service These payments might also include early retirement incentives or even damages received
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as a result of wrongful dismissal At any rate, a retiring allowance can be rolled to your RRSP tax-free up to certain limits The maximum that can be rolled into an RRSP tax-free is $2,000 for each year or part-year of pre-1996 service, plus an extra $1,500 for each year before 1989 in which you had no vested interest in any employer s contributions to a Registered Pension Plan (RPP) or Deferred Pro t Sharing Plan (DPSP) You ll be glad to know that this rollover does not have to be direct from your employer to your RRSP That is, you ll be able to take the money into your hands personally and still roll those funds to an RRSP as long as you make that contribution within 60 days after the end of the year in which you received the payment This rollover is made over and above your available contribution room Here s one last point: The 1998 federal budget improved things for those who transfer retiring allowances to RRSPs This rollover often creates a sizeable RRSP deduction for the individual in the year the rollover is made This used to create an Alternative Minimum Tax (AMT) problem in some cases AMT is simply an amount of tax that CRA will require you to pay, as a minimum, if you claim certain large deductions This is no longer an issue The feds have said that RRSP deductions will no longer be factored into the calculation of AMT
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