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Subjects>Law & Government>United States Government

What is the difference between a RRSP and a RRIF?

Mbud ∙

Lvl 1

∙ 14y ago

Updated: 11/11/2022

an rrsp withdrawals do NOT qualify as a pension income.

the RRIF withdrawals do qualify as pension income.

Wiki User

∙ 14y ago

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Related Questions

What happens to a Canadian riff when owner dies?

When a Canadian RRIF owner dies, the RRIF funds are usually paid out to the beneficiary named by the deceased owner. The beneficiary can choose to receive the funds as a lump sum, periodic payments, or transfer the RRIF funds to their own RRIF if they are a qualified beneficiary. Taxes may be owed on the RRIF funds depending on the beneficiary's relationship to the deceased owner and the amount of the funds.

What are the main differences between an RRSP and a 401k retirement account?

The main differences between an RRSP and a 401k retirement account are that RRSPs are used in Canada while 401ks are used in the United States. RRSP contributions are tax-deductible, while 401k contributions are made with pre-tax dollars. Additionally, RRSPs have more flexible withdrawal rules compared to 401ks.

How would one go about contributing to a RRSP?

The amount you can contribute depends on your RRSP deduction limit. You can find your deduction limit by looking at your 2011 Tax Return. Your RRSP deduction limit is the amount of RRSP contributions that you can deduct on your tax return for a given year.

What is a self-directed RRSP?

check out http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/cntrbtng/slfdrctd-eng.html

What is a self directed RRSP?

check out http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/cntrbtng/slfdrctd-eng.html

What does it mean by rrsp retirement calculator?

RRSP or Registered Retirement Savings Plan calculator is a tool available used to predict how much money you will need to save or invest between now and when you anticipate on retiring. It takes into account things such as inflation and employer contributions.

Can rrsp's be garnished due to a civil suit?

Registered Retirement Savings Plans The courts have held that where funds are deposited in an RRSP, a trust relationship, and not a debtor-creditor relationship, is created between the bank and its customer. Consequently, the courts have generally held that an RRSP is not subject to garnishment. There is a case of the Federal Court of Canada Trial Division which has come to the opposite conclusion, but it would appear that the weight of authority provides that RRSPs are not attachable until he owner of the RRSP actually collapses it.Source: http://www.scarfonehawkinsllp.com/faq_details.asp?faq_id=1004

In a divorce in Ontario Canada is his and her RRSP's part of divorce settlement or is it untouchable even if one is much higher than the other?

No it is not untouchable. In order to quantify the RRSP, one has to obtain the services of a profeesional. Also it depends on the RRSP and how the contributions are made. Rgds

Where can I find an RRSP retirement calculator?

This 2 step Retirement Calculator will help you: Determine if your current and planned RRSP contributions, as well as any other income you receive, will meet .

Can a life insurance agent can sell RRSP and TFSA products?

yes

Which websites have a RRSP calculator?

Most Financial Institutions websites have an RRSP calculator. Many insurance providers have them available as well. Also, you can check your local government's website for the calculator and more information on RRSPs.

Can you convert a Canadian rrsp to a us IRA?

Not if you're trying to avoid paying Canadian taxes and you're not yet qualified in Canada to make withdrawals: It would be considered an early withdrawal from the RRSP and be subject to both taxes and penalties.

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