How to Reduce Your Taxes on RRSP Withdrawals Watch Video
Allan Madan, CPA, CA
Do you have a significant amount of money in your RRSPs and are concerned Read More…
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CPA, CA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
Hi Allan, does this plan work for a family with 100,000 in their RRSP?
Thanks.
Hi Kam,
Yes, it can still work.
Hello,
Sounds like a good strategy. If this works and acceptable by CRA, I would be interested. My big question is how could anybody put $500,000 into the TFSA, since its inception there may only be room for about $60’000 – $70’000.
I would love to hear your response.
Thank you.
Yvonne Kjeldsen
Hi, the $500,000 figure is too high, and I should have used a lower amount like $50,000 or $60,000 for example. Overtime, the TFSA balance will grow.
Hi Allen
I have withdrawn a substantial amount from my RSP and still am still working. Can my common law wife who has no income claim my Rsp withdrawals under her income instead of mine?
Hi Pat,
The RRSP withdrawals that you made cannot be included in your common-law partner’s income. The RRSP withdrawals that you made must be included in your income.