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3 Questions, RRSP, Tax relief, Expectations of additional payment-

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Post by 1993firebird Tue 25 Feb 2014, 17:16

I forgot that SISIP did not take income tax from the interest. I will have to adjust my pension splitting accordingly in order to not pay the tax man.

1993firebird
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Number of posts : 1594
Location : Ontario
Registration date : 2013-01-10

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Post by Sapper Zodiak Tue 25 Feb 2014, 12:42

1. Based on an increase of $50,000 income in 2013, you should expect an increase of $9000 room for RRSP's in 2014.
2. Depending on the amount of ones Retro, we should expect to pay the tax man. I believe the amount of income in the top level pays about 42% for federal/provincial taxes combined. Sisip did not tax the interest portion of your refund/Retro. Your personal exemption is about $11,000 and if you qualify for the DTC another $7500 for disability.We can also deduct the legal fees paid to recover our money.
3. Some may apply for tax relief for 2013, but I really don't expect we will be approved. The income is there to support paying the taxes. Some situations may differ: bankruptcy, divorce, medical expenses etc.
I hope this helps. It is still a crap shoot as the taxes must be filed before we know what is actually owed. Makes it hard to invest to shelter money. Good luck at tax time.
Sapper

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Age : 55
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Post by Ex Member Tue 25 Feb 2014, 10:53

1. Will our RRSP contribution limit increase due to the settlement? (Ie: If I received an additional 50,000.00 this past yr will I have more room in my RRSP for 2014 ?)

2. Should we all expect to still owe money after our returns are calculated if we don't contribute to rrsp for 2013? Did sisip take enough taxes off at source?

3. Is anyone requesting tax relief if so what do we say in our letters to Revenue Cda?  

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