Earning the Gold Glove: Strategies for Retirement in Visual Studio .NET

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Earning the Gold Glove: Strategies for Retirement
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Tim s Tip 69: Make a contribution in kind to your RRSP if you re low on cash
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Who says that your RRSP contributions have to be in the form of cash It s just not true In fact, you ll be able to contribute a whole host of qualifying assets to your RRSP, including: cash Guaranteed Investment Certi cates most mutual funds government-guaranteed debt obligations corporate bonds or other debt obligations shares listed on a prescribed stock exchange (Canadian and foreign) shares of certain private corporations mortgages secured by real property in Canada certain annuities certain life insurance policies certain rights and warrants
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Make sure that you don t contribute a non-qualifying asset to your RRSP the effect could be ugly In fact, you could face tax on some of the earnings inside your RRSP, tax on the value of those non-qualifying assets, or deregistration of your plan Do you know what deregistration means It means you could pay tax
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on the full amount of your RRSP assets in a single year! While this is not likely to happen, it s a possibility
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investment-grade gold and silver bullion coins and bars, and certi cates of such investments (after February 22, 2005) other less common investments If you re going to contribute in kind rather than in cash, there are two tax consequences: First, you ll be entitled to a deduction just as you would with any RRSP
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contribution in cash The value of the contribution simply equals the fair market value of the assets being contributed to your plan
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Second, you ll be deemed to have sold those assets when you contribute them to the plan So, where those assets have gone up in value, you might
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face a taxable capital gain Of course, the RRSP deduction will always offset any taxable gain provided you ve got enough contribution room On the ip side, if the asset you re contributing has gone down in value, the tax collector won t let you claim a capital loss on this transfer to your RRSP Sorry In this case, sell your investment at a loss outside your RRSP, then contribute the cash to your plan This way, you can utilize the loss Make sure you ve got enough RRSP contribution room available before making any contribution, including one in-kind By the way, you ll generally have to set up a self-directed RRSP in order to make a contribution in kind
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If you haven t got the cash, contribute in kind to your RRSP You ll be deemed to have sold any investment that is contributed in kind, which could mean a taxable capital gain, but you ll also be entitled to a deduction for your contribution in kind, within your contribution limits Set up a self-directed RRSP to make a contribution in kind
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Tim s Tip 70: Consider borrowing to make RRSP contributions if you haven t got the cash
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Truthfully, in most situations you ll be better off borrowing to make your RRSP contribution than not contributing at all or making that contribution two or three years down the road You won t be entitled to claim a deduction for the interest on your RRSP loan, but don t worry it still works to your bene t to borrow because that money is working for you by growing tax-free If you have investments outside your RRSP, you may be better off to contribute those to your RRSP and then
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Earning the Gold Glove: Strategies for Retirement
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borrow to replace the non-registered investments That way, the interest will be deductible This is a contribution in-kind, as I discussed in Tip 69
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Let me buck a trend here It s been commonly held that you should borrow for your RRSP and pay back that loan
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Borrowing to contribute to your RRSP makes sense when your other choices are to make no contribution or to delay the contribution for even two or three years The interest on your RRSP loan will not be deductible
over a period of no more than one year I don t buy this advice Even a 5- or 10-year loan can leave you better off in the long run when it lets you use up more of your contribution room Besides, many Canadians