If you have lived or worked in the U.S., you may have an Individual Retirement Account (IRA) or 401k plan. Leaving these accounts in the U.S. can be administratively challenging and you may wish to consider moving them to Canada. In certain circumstances, a person with a 401k or IRA may be able to rollover their U.S. retirement account to a Canadian…
I`ve noticed a few websites have been writing that the RRSP deadline is March 1st. The Income Tax Act allows you to deduct RRSP contributions made in the first 60 days of the year following the tax year. Since 2012 is a leap year, the last day to contribute to your RRSP and claim the deduction on your 2011 income tax…
If you have lost your job or are retiring and will be receiving a severance payment, you may be able to shelter some of your severance from income tax. To be able to do this, the payment must qualify as a retiring allowance and depending on your circumstances, some may be direct transferred to an RRSP. What Is A Retiring Allowance?…
