RRSP with

TAX TIPS

RRSP’s
and your tax |

- Question: Can I transfer my
RRSP

aot

to”
organization without paying

Answer: Yes. Register a new
the second
organization, then arrange
that the funds from your old
plan are transferred directly

into the new one: There is no .

tax on: the amount tran-
sferred to the new plan.

Question: I contributed to an
RRSP this year, but have not
received a receipt for it.
Should I file. my return
anyway?

Answer: We suggest that you
check with the issuer of the
plan before filing your
return. If you claim a
deduction for an RRSP you
must have an official receipt

{interim receipts or
photocopies are not ac-
ceptable).

If you file now without the
official receipt,processing of
your return will be delayed
and your deduction may not
be allowed. However your
return must be filed by April
30.

Question: I want to con-
tribute to a Registrered
Retirement Savings Pian. I
am not covered by a
registered pension plan at
work. What is my maximum
deduction?

Answer: If you were not
covered by a pension plan,
the maximum deduction is
either $5,500 or 20 per cent
of your earned income,
whichever is less.

If you were covered by a
registered pension plan
through your employer, the
combined deduction for
both plans are limited to the
lesser of $3,500 or 20 per
cent of your earned Income.

For detailed information
on how to calculate your
earned income see Item 22
of your 1978 Tax Guide.

Question: My husband died
before he retired. Is his
RRSP considered his income
or mine?

Answer: The value of the
RRSP should be included in
computing your husband's
income in the year of his
death. However if you
become entitled to the
proceeds of his RRSP, you
can defer tax by transferring
the amount into your own
RRSP.

Question: I realize that in
the calendar year I turn 71 I
must withdraw funds I paid
into my Registered
Retirement Savings Plans. |
have heard that one way I
can defer paying tax on this
withdrawal is to transfer all
or part of the funds into a
Registered Retirement
Income Fund. Would you
please elaborate.

Answer You can transfer all
or part of the funds from
your RRSP to an RRIF
anytime after you have
turned sixty years of age and
before the end of — the
calendar year in which you
turn 7]

another .-benefits in

than:

This new fund will provide
increasing
amounts each year until your
90th birthday. The life of a
RRIF .is equal to 90 minus

your age or your spouse's ©
- age, if he or she is younger. |

Question: Can I have more
one

my lifetime?

Answer: No, you are limited
to one RRIF. However you

may transfer your fund from.

one RRIF trustee to another.

Registered.
‘Retirement Income Fund in

- Page 47, February 14, 1979 - North Shore News

Spats it ay MUNN cat

A GOOD IDEA for George Crosby and John Gadsby of the North Vancouver Car Shops of B:C. Railway, paid off
with a joint award of $3,000 for both men Monday afternoon when M.C. Morris of BCR presented the men with their

cheaues. The suggestion idea was for modifications to 130 of the company's piggy back flatcars. (Ellsworth Dickson
photo aos " .

a“ “hg ~

au;

4

in Capilano Mall...

Kingsgate Insurance cal

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