2012 budget change deals with this copyright 2014

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Unformatted text preview: Marriage Breakdown Copyright © 2014, Clarence Byrd Inc. From RRSPs To Spouse: Marriage Breakdown 44 Canadian Tax Principles Retiring Allowances • Total Allowance In Income • Rollover To RRSP (Maximum) – $2,000 For Each Year Prior To 1996 $2,000 – $1,500 For Each Year Prior To 1989 (If No Vested $1,500 Contributions To RPP Or DPSP By Employer) Contributions Copyright © 2014, Clarence Byrd Inc. 45 Canadian Tax Principles Retirement Compensation Arrangements • The Problem – Unregistered Pension Arrangements • Arrangements Defined - ITA 248(1) • Part XI.3 Refundable Tax – Payable On Contributions And Earnings (50%) – Refundable When Paid Out And Taxed • 2012 Budget has added penalties for abuse of RCAs Copyright © 2014, Clarence Byrd Inc. 46 Canadian Tax Principles Salary Deferral Arrangements • The Problem – Arrangements Established To Defer Taxation • The Solution – Tax Employee When Benefits Are Earned Copyright © 2014, Clarence Byrd Inc. 47 Canadian Tax Principles Individual Pension Plans • A defined benefit plan established for a single individual • Increasingly popular • Requires a knowledge of actuarial science Copyright © 2014, Clarence Byrd Inc. 48 Canadian Tax Principles Copyright © 2014, Clarence Byrd Inc. 49...
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This note was uploaded on 09/19/2013 for the course COMM 355 taught by Professor Trancheung during the Fall '10 term at The University of British Columbia.

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