Saving & retirement
TFSA room, FHSA deadlines, RRSP deductions and retirement income. Follow the different rules before moving money between accounts.
Saving & retirement
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Saving & retirement 2 min
Moving an FHSA balance to an RRSP
A qualifying direct FHSA transfer can preserve tax deferral without using RRSP room; a cash withdrawal and new deposit are different.
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Retirement lowered your income. Tell Service Canada.
A retirement-related income drop may support a current-year income estimate instead of the usual prior-year basis.
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The RRSP deposit still needs its HBP designation
Use your HBP statement to identify the required repayment and designate eligible contributions correctly on the return.
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A large withdrawal can affect more than the income-tax bill
Match the annual OAS recovery calculation and later monthly deductions to the correct income year.
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The word "pension" does not settle the credit
Match each payment to the CRA eligibility chart before claiming the federal non-refundable pension income amount.
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Saving & retirement 2 min
Pension splitting starts with the type of pension
Compare both returns and allocate the related withholding consistently when electing to split eligible pension income.
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