加拿大理財討論區
馬上風
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未睇完啲錢都已經洗哂囉
買乜嘢股攢咗都要俾稅
thanks 巴打，咁我諗買 ca既etf即係會收到你所講既eligible dividend
you can carry forward the amount you contributed and contribution room.
e.g. if you contribution $5,000 RRSP this year but you only want to use $4,000. you can carry forward $1,000 for future years.
If your contribution room is $5,000. You can contribute up to $7,000. You are allow to over contribute up to $2,000 at any time without penalty.
e.g. if you contribution $5,000 RRSP this year but you only want to use $4,000. you can carry forward $1,000 for future years.
If your contribution room is $5,000. You can contribute up to $7,000. You are allow to over contribute up to $2,000 at any time without penalty.
明白晒 到時會望下
if I over contributed more than 2000 for some reasons, would the penalty be applied to the excess contribution including the $2000 as well?
No
借個post 嚟問下 － 我部分資金係香港做緊定期, 果度啲錢係咪都要比加拿大稅？但係香港啲銀行應該無T5?
You have to report worldwide income. You don't need a T5 to report interest income from anywhere.
When did you enter Canada?
When did you enter Canada?
係，自己用返exchange rate計
另一半俾緊較低稅階，係咪淨係得幫另一半供rrsp去降低自己收入？
另一半 working too?
freelancer
2023 年中
但係係咪如果海外資產低過某一個數就唔使報？
但係係咪如果海外資產低過某一個數就唔使報？
check out family loan income splitting, but it is not that useful during high interest rate environment
RRSP 俾收入最嗰個扣稅。但係買既話可以買俾自己名下或者配偶名下（spousal RRSP)
https://www.canadalife.com/investing-saving/saving/registered-retirement-savings-plan-rrsp/spousal-rrsp.html
https://www.canadalife.com/investing-saving/saving/registered-retirement-savings-plan-rrsp/spousal-rrsp.html
foreign assets in total below $100,000 then not require to file T1135 .
Also, first year is exempted from filing.
Also, first year is exempted from filing.
not worth the hassle
https://kpmg.com/ca/en/home/insights/2022/12/pay-2022-interest-on-family-income-splitting-loans.html#:~:text=Taxpayers%20may%20want%20to%20consider,the%20loan%20is%20entered%20into.
Taxpayers may want to consider entering into income splitting loan arrangements with family members or a family trust, where the family member or family trust can invest the borrowed funds at a higher rate of return than the CRA’s prescribed interest rate at the time the loan is entered into. If properly implemented, taxpayers can effectively arrange for all investment income earned over the CRA’s prescribed interest rate to be taxed at the lower-income-earning family member’s tax rate while the loan is outstanding. However, before entering into a prescribed loan arrangement with a trust, taxpayers should confirm that the complex tax on split income (TOSI) rules do not apply.
For example, if a taxpayer's spouse is in a lower tax bracket, the higher income spouse can lend money to the lower income spouse to invest so that the investment income can be taxed in the lower income spouse's hands. To achieve this result, it is essential that the spouses have a written agreement that specifies the repayment terms and an interest rate at least equal to the CRA's prescribed rate at the time of the loan.
The lower income spouse must pay interest on the loan annually by January 30 of the following year (note that a loan created by unpaid interest is not a payment of interest). If the interest is not paid by the following January 30, the investment income from the borrowed funds will be taxed in the hands of the higher income spouse for that year and all future years.
https://kpmg.com/ca/en/home/insights/2022/12/pay-2022-interest-on-family-income-splitting-loans.html#:~:text=Taxpayers%20may%20want%20to%20consider,the%20loan%20is%20entered%20into.
Taxpayers may want to consider entering into income splitting loan arrangements with family members or a family trust, where the family member or family trust can invest the borrowed funds at a higher rate of return than the CRA’s prescribed interest rate at the time the loan is entered into. If properly implemented, taxpayers can effectively arrange for all investment income earned over the CRA’s prescribed interest rate to be taxed at the lower-income-earning family member’s tax rate while the loan is outstanding. However, before entering into a prescribed loan arrangement with a trust, taxpayers should confirm that the complex tax on split income (TOSI) rules do not apply.
For example, if a taxpayer's spouse is in a lower tax bracket, the higher income spouse can lend money to the lower income spouse to invest so that the investment income can be taxed in the lower income spouse's hands. To achieve this result, it is essential that the spouses have a written agreement that specifies the repayment terms and an interest rate at least equal to the CRA's prescribed rate at the time of the loan.
The lower income spouse must pay interest on the loan annually by January 30 of the following year (note that a loan created by unpaid interest is not a payment of interest). If the interest is not paid by the following January 30, the investment income from the borrowed funds will be taxed in the hands of the higher income spouse for that year and all future years.
Uncle 兩公婆人工都高咪無需要，但如果兩個人effective tax rate 差10% ，當prescribed interest rate去返1%就好抵玩了，仲要係perpetual loan，唔使keep住還本金
I don't see how it worth the hassle.
eg Husband and wife has about 20% marginal tax rate difference (53.5% vs 31.6%)
Husband loans $1 million (just to show an example) to his wife at prescribed interest rate of 4% (current rate may be higher). Husband has to report this as income on his T1 and pay 53.5% on this income.
$40,000 X 53.5% =$21,400 income
Wife invest $1 million and must earn over 4% return just to break even. Even that is possible and wife can deduct the 4% interest on the $1 million dollar loan, $40,000 X 31.6% = 12,640. interest deduction
There is a $21,400-$12,640 = $8,760 shortfall.
The $1 million must have a return of $40,000+$8,760= $48,760 or 4.876% to break even.
The current GICs rate are around 4.8 to 5.2%. If you invest in other investments, there is a risk of loss.
The above is only a very rough example why it is not worth the effort for most people. However, I can see some income splitting potential if someone owns a profitable business.
Most of these arrangements are an invitation for CRA to audit your tax returns. .
eg Husband and wife has about 20% marginal tax rate difference (53.5% vs 31.6%)
Husband loans $1 million (just to show an example) to his wife at prescribed interest rate of 4% (current rate may be higher). Husband has to report this as income on his T1 and pay 53.5% on this income.
$40,000 X 53.5% =$21,400 income
Wife invest $1 million and must earn over 4% return just to break even. Even that is possible and wife can deduct the 4% interest on the $1 million dollar loan, $40,000 X 31.6% = 12,640. interest deduction
There is a $21,400-$12,640 = $8,760 shortfall.
The $1 million must have a return of $40,000+$8,760= $48,760 or 4.876% to break even.
The current GICs rate are around 4.8 to 5.2%. If you invest in other investments, there is a risk of loss.
The above is only a very rough example why it is not worth the effort for most people. However, I can see some income splitting potential if someone owns a profitable business.
Most of these arrangements are an invitation for CRA to audit your tax returns. .
two assumptions are subject to change
CRA prescribed rate: currently it's 6% but it WAS 1% 2 years ago
investment return: 5% , too low if you are invested in equities
CRA prescribed rate: currently it's 6% but it WAS 1% 2 years ago
investment return: 5% , too low if you are invested in equities