Sentences with phrase «grant contribution room»

IMO, staying current is the easiest method but whatever calculations mean that you accurately know how much TFSA contribution you have have and that takes care of all the factors (i.e. contributions made, new granted contribution room each year and withdrawal being re-added the following year) will work.

Not exact matches

Maximize CESG grants by contributing $ 2,500 each year — but if you miss a year remember you can carry forward your grant room and collect on contributions up to $ 5,000 every year

Without the sweetener of RESP grants, you're generally better off doing something else with the money if you have any debts, or unused TFSA or RRSP contribution room.

If so, the only option is to use the new contribution room as it is granted and choose better investments that grow.

If there is no indexing for 2013 (i.e. $ 5K is granted) and the total 2012 TFSA contributions is $ 10K — then 2013 would start with $ 15K, though it would the 2013 $ 5K granted as the 2012 contribution room is included in the «$ 10K from previous years».

transfer the RESP assets to another eligible beneficiary withdraw the funds for yourself (you must repay the government grants and pay taxes and a surcharge on investment income you withdraw) transfer up to $ 50,000 of the investment income to the subscriber's regular or spousal Retirement Savings Plan (RSP) if there is enough contribution room donate the investment income to a Canadian educational institution

Mike Davies: There is no annual maximum that can be deposited but you can only receive grant money on the first $ 2,500 of your contribution or the first $ 5,000 contribution if sufficient carry forward room exists.

To expand on the non resident issue, your son has (As I understand it) lose the year / s of contribution room that is granted every.

Under current law, only students with an expected family contribution (EFC)-- the amount that the federal government expects a family to pay toward the student's postsecondary education expenses — of less than about $ 5,200 are eligible for a Pell grant, whereas recipients of subsidized loans may have a larger EFC, as long as it is less than their estimated tuition, room, board, and other costs of attendance not covered by other aid received.

Even if the Liberals had pledged to claw back the extra $ 4,500 in contribution room afforded to Canadians this year, savers wouldn't have been penalized for it, Keith MacIntyre, national tax practice leader at Grant Thornton LLP, told Advisor.ca.

Our contribution room for 2016 is obviously gone but what will happen for the grant?

Any contributions made in excess of the «grant eligible» contribution room are allowed, but won't receive any grant.

Hi Stevo, a DB pension comes down to just being a factor in that last step (granted, a bit of a complicated one): you're going to have a higher baseline of future earnings and associated tax rate from the DB pension (plus less RRSP contribution room), which is going to nudge you closer to prioritizing your TFSA.

I read that the funds can be rolled into RRSPs only if there is excess contribution room [no help to us], and that RESPs can be used by adults only if they are set up for that purpose (and don't attract grants, so what's the point).

This scenario hasn't been a problem in the past because the eligibility amount was only $ 2,000 of grant - eligible contribution room per year in 2006 and prior, plus the current RESP grant system only started in 1998.

The grant - eligible contribution room is always determined by the calendar year.