Rakesh Majithia CPA
Description
As Chartered Accountants in Mississauga, Ontario, Canada, Rakesh Majithia and his qualified accountant team provide the high quality services as Accountant
Tell your friends
RECENT FACEBOOK POSTS
facebook.comWhile this is a locked in product, the funds are always available for withdrawal with a prefixed tax withheld at source. This means that if you withdraw from your RRSP after contributing it in the account before you are eligible for withdrawals (i.e. age 60), then bank will withhold relevant tax on the withdrawal (depending on amount withdrawn) and give the net amount to the contributor. Visit : http://goo.gl/CVCnua
Many individuals have asked me about the right time to invest into RRSP. There are many factors and individual situation which will determine the right time to contribute. However, “rule of thumb” is to invest in RRSP when you are in a higher income rather than lower income. One may want to accumulate their RRSP limit to bring them down to the next lower marginal tax bracket. Visit : http://goo.gl/CVCnua
Every taxpayer develops their “Contribution Limit” (Amount of maximum contribution that can be deducted against earned income) based on their earned income. If the Contribution limit is not utilized during the year it’s available, it can be carried forward and used in future income. Any income earned within RRSP is tax deferred also until the funds are withdrawn in future. Visit : http://goo.gl/CVCnua
RRSP is a tax deferral vehicles used widely in Canadian tax system. Similar to 401K in United States, RRSP provides tax deferral for earned income in Canada. More info Visit : http://goo.gl/CVCnua
goo.gl
Tax free savings account contribution limit will go back to $5,500 per annum per person for individuals who are at least 18 years of age. If you have not made your contribution yet, go ahead and make it as soon as possible before the limit changes. Visit : http://goo.gl/CVCnua
Small business income tax rate will decrease from 11% to 9%. However, all Canadian Controlled Private Corporation (CCPC) will need to ensure that CCPC status is not used to reduce personal income tax rate for those with high earnings. Visit More info http://goo.gl/CVCnua
Quiz
