You will be subject to a 1% penalty tax per month to the extent that the over-contribution exceeds $2,000.00

If you contribute more than your contribution limit, you will be subject to a 1 percent penalty tax per month to the extent that the over-contribution amount exceeds $2,000. See similar questions...

Making maximum contributions is the best option in order to capitalize on the tax savings in the year of the contribution. See similar questions...

The legislated contribution limits are subject to change each year by the Canada Revenue Agency (CRA). The current maximum annual contribution limits are the lesser of 18% of your previous year's earned income, or $19,000 for 2007 and $20,000 for 2008. individual RRSPs to which you are also contributing. See similar questions...

A.Yes, you can only contribute a maximum of $5,000 annually to each party, it's candidates or its electoral district associations. ^ back to top See similar questions...

That depends on the level of income both you and your husband can expect at retirement. Ideally, you should try to equalize the retirement income between you to minimize taxes. This means that if you will have a company pension when you retire, and your husband will not, it may be best to contribute to your husband’s RRSP. See similar questions...

Pensions are protected under Federal legislation as are. RRSP’s that are not pension roll-overs, or are held by life insurance companies. All other RRSP's must be paid over to the Trustee to distribute to your creditors. If you have a non-life insurance funded RRSP, you should discuss your rights with your agent and with your family solicitor. See similar questions...

If you make more than 1,000 queries in a day, our server will respond with a SOAP Fault stating that you exceeded your daily query total. You might want to get some sleep and start querying again tomorrow. See similar questions...

If your salary reduction contributions exceed the elective deferral limit applicable for the taxable year, you must receive a corrective distribution of the excess (plus earnings) before the following April 15. The earnings will be taxed in the year they are distributed to you. See similar questions...

Your RRSP limit for 2006 is shown on the Notice of Assessment that you received after you filed your 2005 return. If you have lost your Notice of Assessment, you can call the government T.I.P.S. line at 1-800-267-6999. See similar questions...

Answer: On filing 2005 Tax Return, you must have received Notice of Assessment from Canada Revenue Agency. Your 2006 RRSP limit is shown on it. At the same time, you will have to consider 'undeducted amount' on the same Notice as well as your obligation under Home Buyers'/Life-long Learning Plan(s). If you require any assistance in this connection, please visit any Softron Location. See similar questions...

By the end of the year in which you turn 69, you must either cash in your RRSP or convert it into a form of retirement income. Most people convert their RRSPs into a Registered Retirement Income Fund (RRIF). This is just like your RRSP, except that you can no longer contribute to it. Like an RRSP, income earned by your RRIF is allowed to accumulate tax-free. However, you must withdraw a minimum prescribed amount each year. You may prefer to use your RRSP funds to buy an annuity. See similar questions...

Of course! After all, this is a special tax-favored account--our friends in Washington are not going to let you write-off unlimited amounts under this program. Under current tax law, the maximum amount you can contribute and deduct each year is determined by the size of your deductible. If you have an individual plan, the maximum is 65% of your deductible amount. If you have a family plan, the maximum is 75% of your deductible amount. See similar questions...

For 2007, the maximum you may contribute to a Health Savings Account (HSA) is $2,850 for single coverage or $5,650 for family coverage. For 2008, the maximum you may contribute to a Health Savings Account (HSA) is $2900 for single coverage or $5800 for family coverage. Maximum HDHP deductibles are $5,000 for individuals and $10,000 for families. See similar questions...

You are allowed a lifetime over-contribution of $2000. It can be used as deductions in future years. A 1% monthly penalty tax will be applied to any amount over the $2000 limit. See similar questions...

Each administrator has different fees. Some charge account set up fees. In addition some banks may charge minimal monthly maintenence fees. See similar questions...

If you are not a Connected Person, your RRSP deduction limit is not impacted for the year you join an IPP. If you are a Connected Person and your 1990 Pension Adjustment (PA) was $0, your RRSP deduction limit for the year you join an IPP is reduced by a special amount prescribed by ITR 8308(2). This reduction is 18% of your earned income for RRSP purposes for the year 1990, up to a maximum of $11,500. A T1007 Form (Connected Person Information Return) will be filed with CRA. See similar questions...

Go to the CRA website and access their My Account online service or phone the Tax Information Phone Service at 1-800-267-6999. IMPORTANT: The information CRA has available will only be correct if they know you are a member of an IPP, and if a Pension Adjustment has been entered on your T4 slip for every year that you have been an IPP member. See similar questions...