- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can you tell me on how to post T4RIF line 16 to show non-taxable income?
On the left side of the document it indicates Status Indian Tax Exempt. This was monies invested into a tax exempt retirement plan on a reserve.. It shows that I owe big bucks in income tax but that is not correct.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can you tell me on how to post T4RIF line 16 to show non-taxable income?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can you tell me on how to post T4RIF line 16 to show non-taxable income?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can you tell me on how to post T4RIF line 16 to show non-taxable income?
From CRA:
"Registered retirement savings plan (RRSP) income
If you earn exempt income only and you have contributed to an RRSP, you cannot deduct your contributions on your tax return. By the same token, any withdrawals of your original RRSP contributions will not be taxable. However, since your exempt income did not create any RRSP contribution room, you will have to pay a penalty under Part X.1 of the Income Tax Act for your non-deductible contributions to your RRSP. Any investment earnings you withdraw from the RRSP will be taxed in the same way as interest and investment income.
If you earn taxable income and contribute to an RRSP, the normal rules on claiming RRSP deductions apply to you (i.e., contributions will be deductible within the allowable limits based on earned income, and all withdrawals will be taxable)."
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can you tell me on how to post T4RIF line 16 to show non-taxable income?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content