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DPSP contributions These contributions are based on your employer s pro tability, and so there may not be any contributions in years where the company loses money How are these contributions taxed The funds will grow inside the DPSP taxdeferred, and you ll pay tax on the amounts paid out of the DPSP to you With most DPSPs, taxable payments can be made to you over a maximum 10-year period, which, by the way, is going to result in a longer deferral of tax than simply paying the funds out in one lump sum You might even consider rolling some of the payments out of your DPSP into your RRSP, RPP, or a term annuity (with a guarantee period not exceeding 15 years) just to defer tax even longer Money contributed to a DPSP will reduce the amount that you can contribute to your RRSP in a manner similar to RPPs By the way, some of the proceeds out of your DPSP may be tax-free if they represent your pre-1991 contributions made at a time when employees were allowed to contribute to DPSPs
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A Registered Pension Plan (RPP) can provide a deferral of tax on your employment income, although in many cases I prefer an RRSP to an RPP when given a choice An RRSP is the most common tax-deferral vehicle in Canada and, like an RPP, provides a direct deferral of tax on employment income A DPSP is a plan to which only your employer can contribute Contributions to RPPs and DPSPs will reduce the amount you can contribute to your RRSP
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Tim s Tip 34: Push the tax on your bonuses to a future year
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If you re entitled to a bonus for work performed in a given year, you ll be able to defer receipt of that bonus for up to three years, and you won t face tax on the bonus until you actually receive it How much tax will this save That depends on the rate of return you can generate on the money you would otherwise use to pay the tax, and your marginal tax rate down the road If you expect to have a lower marginal tax rate in the near future, deferring your bonus can make sense Consider Eileen s case
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ileen earned a $10,000 bonus from her employer in 2006 and would be due to face a tax bill of $4,600 on that bonus, at her marginal tax rate of
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46 percent, if she were to receive the bonus in 2006 Eileen expects to have a lower marginal tax rate in the near future since she ll be retiring in 2009 So, she arranged with her employer to defer receipt of her bonus until December 31, 2009 (three years after earning the bonus) The result She s going to face tax at her expected marginal tax rate of 35 percent, for a tax bill of $3,500, three years from now when she receives the bonus Is there a downside to this idea Sure If you re hurting for cash, you may not want to wait for three years to receive your bonus And your employer won t be able to deduct the bonus until the year it s paid In addition, if you re concerned about the nancial stability of your employer, you may want to take the cash sooner rather than later Another good option is this: If you re due to receive a bonus for 2006, ask for payment in January 2007 and contribute that money to your RRSP right away if you have the contribution room This way, you won t have to wait long to receive the payment from your employer, which gets the money working for you sooner In addition, you won t face tax on the bonus until 2007 when you receive it, but you ll receive a tax deduction in 2006 for the amount of the bonus thanks to the RRSP contribution A good deal all around
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You re entitled to defer a bonus for up to three years You won t face tax until the year the bonus is paid Deferring the bonus can make sense when your marginal tax rate is expected to be lower in the future, or where you re only deferring the bonus until early in the new year and you contribute that amount to your RRSP
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