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RSP contributions are a great way to save for your retirement, but the trick is to use them correctly. Kevin Gebert, MFA designate and financial advisor, weighs in with his opinion.
You are in a relationship with the CRA, so you need to know some key parameters.
No, different income sources attract different marginal tax rates.
Edwards v. The Queen. A recent decision from the Federal Court of Appeal, Edwards v. The Queen (2012 FCA 330), contains interesting dicta regarding the Canada Revenue Agency’s (CRA) administration of proposed legislation in the last decade or so, with the presiding Justice JA John M. Evans declaring it “fundamentally unfair.”
You can have zero income and pay zero taxes but still receive refundable tax credits in Canada—simply by filing a tax return. But because many of these credits are based on “family” rather than “individual” net income, you and your spouse need to file tax returns together.