Hi,
1. Can we move our RRSP account from one bank to another? The question comes as once added to RRSP account, one cannot withdraw the amount.
2. Can we add with an approximation, RRSP contribution for Year 2006 (during year end or beginning of 2007), to the Notice of assessment amount received in April 2006?
Thanks
BJ
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hello!
Location: Western Hemisphere
Posted on: 02-01-07 11:45:51
Quote:
Originally posted by bhuvanj
Hi,
1. Can we move our RRSP account from one bank to another? The question comes as once added to RRSP account, one cannot withdraw the amount.
2. Can we add with an approximation, RRSP contribution for Year 2006 (during year end or beginning of 2007), to the Notice of assessment amount received in April 2006?
Thanks
BJ
Answer to q1 - You cannot withdraw without incurring penalties and such. However, you can roll-over the amount to another RSP account, same or different institution without incurring penalties or taxes on gains.
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Dimple2001
not sure what your second question is ?
ok..thanks Dimple. this is what i wanted to ask..as say u open a rrsp today with td, and after a years.u find that ing is giving u a better rate..so can i transfer alll my money to ing by opening a new rrsp account with ing? or my money is locked with td, until i withdraw all paying penalty?
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hello!
Location: carl sagan's universe
Posted on: 02-01-07 12:55:48
HI bhuvanj,
You can transfer from TD to ING w/o incurring a withholding tax or paying tax on your growth or other charges/fees/penalties by filling out a T2033 form. If you speak to the csr at ING, he/she will give you the details.
Location: carl sagan's universe
Posted on: 02-01-07 13:06:25
Quote:
Originally posted by bhuvanj
Hi,
2. Can we add with an approximation, RRSP contribution for Year 2006 (during year end or beginning of 2007), to the Notice of assessment amount received in April 2006?
Thanks
BJ
As I understand this, you wish to know if you can contribute extra to your RRSP over and above your contribution room in the NOA.
For instance if you have $5,000 in your contribution room as per your NOA of 2006, you wish to know if you made say $50,000 in 2006 can you add upto 18% of $50,000? Yes you can, but you cannot deduct the extra from your income of $2006 for tax returns. That is based on the amount in your NOA.
If you want further clarification, please ask and ye shall receive.
i wanted to ask as we summit taxes in april 2006 for the year 2005 right? and got that t1 slip showing that my rrsp limit is X amount. so right now as i havnt summit taxes for 2006,
1. can i only transfer X $ in rrsp right now or .
2. can i add my rrsp contribution (by roughly calculating b18% )for year 2006(say Y) and add it in that X amount and summit X+Y?
hope i am able to explain?
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