Sentences with phrase «additional contribution room»

That additional contribution room would generate a tax refund of nearly $ 18,000.

Not exact matches

Although is 30 mm (1.2 inch) shorter than its predecessor (5.065 mm), the three - row crossover SUV has a larger wheelbase by 55 mm (2.2 inches), which contributions for additional passenger leg room as well as entry to and exit from the rear.

If you do not have sufficient RRSP contribution room, you may be able to withdraw plan earnings, however, some restrictions and additional taxes may apply.

The only restriction is that you can't put the money you took out back in the same year (unless you have sufficient contribution room for it to be considered an additional contribution).

As retirees you don't have any employment income to build additional RRSP contribution room, so you risk having to pay tax on that money twice — when you first earned it and again when you withdraw it from your RRSP or RRIF.

There are two main options for taking out «income» (now termed «accumulated income payments» or AIPs): if you as contributor withdraw the funds, then the AIP withdrawal is taxed in your hands at your tax rates plus an additional 20 % penalty; alternatively, you can roll up to $ 50,000 in AIP money over into an RRSP if you have unused RRSP contribution room.

You will not earn additional TFSA contribution room for any year in which you do not reside in Canada.

You'll also get an additional $ 5,000 contribution room in the New Year.