RRSP Question
03-12-2007, 09:16 PM
#1
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RRSP Question
If I put money into RRSP's for the 2006 tax year, can I withdraw them in 2007? And if so, would I pay income tax based on when I purchased them (2006 tax year) or when they were withdrew (2007 tax year?)
03-13-2007, 04:42 PM
#3
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Originally Posted by Woodson' date='Mar 13 2007, 12:54 AM
Yes.
Based on when they were withdrawn.
Based on when they were withdrawn.
I'm just new at this stuff so trying to make sure this will work the way I envision it... I'll be in a much lower tax bracket for 07 than I was in 06.
03-13-2007, 06:12 PM
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Originally Posted by koala' date='Mar 13 2007, 05:42 PM
So in theory I could contribute my maximum this year, when I earned a lot of money (shareholders dividends were large)... and then withdraw the RRSP's (when can I withdraw them?) and pay income tax based on 2007 earnings?
I'm just new at this stuff so trying to make sure this will work the way I envision it... I'll be in a much lower tax bracket for 07 than I was in 06.
I'm just new at this stuff so trying to make sure this will work the way I envision it... I'll be in a much lower tax bracket for 07 than I was in 06.
03-13-2007, 06:37 PM
#5
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Originally Posted by Woodson' date='Mar 13 2007, 07:12 PM
Yep, but you're too late to contribute for 2006. The deadline was March 1.
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