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Author Topic: Canadian taxes and pension question  (Read 1243 times)

Lise

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Canadian taxes and pension question
« on: Feb 27 08 05:46 »
Can someone help me? I heard on the radio about taxes and pension but not sure what they're talking about. I'm wondering if it's something about paying less taxes on your pension???

Thanks in advance.
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Lil Me

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Re: Canadian taxes and pension question
« Reply #1 on: Feb 27 08 05:35 »
Was it about RRSP contributions for 2007?  The deadline is Feb 29.
"In the absence of clearly-defined goals, we become strangely loyal to performing daily trivia until ultimately we become enslaved by it."  Robert Heinlein

Lise

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Re: Canadian taxes and pension question
« Reply #2 on: Feb 28 08 08:03 »
Nope, it's got nothing to do with RRSP. Something about those with pension will still have to pay taxes but if your partner's income is lower, they give you something something. I'm not sure hence the question.
Always end the name of your child with a vowel, so that when you yell the name will carry.
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49er

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Re: Canadian taxes and pension question
« Reply #3 on: Mar 02 08 07:18 »
Lise wrote:
Nope, it's got nothing to do with RRSP. Something about those with pension will still have to pay taxes but if your partner's income is lower, they give you something something. I'm not sure hence the question.[/DIV]
 Curious ...... doesn't spouses file together and taxable income is based on combined incomes anyway?

Gunta

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Re: Canadian taxes and pension question
« Reply #4 on: Mar 02 08 08:44 »
Lise wrote:
 Nope, it's got nothing to do with RRSP. Something about those with pension will still have to pay taxes but if your partner's income is lower, they give you something something. I'm not sure hence the question.

  Paying taxes on your pension? I believe your pension is actually deductible if it is CCP or registered. I think you only have to pay taxes on a pension if you are collecting one.
 


Lise

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Re: Canadian taxes and pension question
« Reply #5 on: Mar 03 08 06:00 »
Gunta wrote:
Paying taxes on your pension? I believe your pension is actually deductible if it is CCP or registered. I think you only have to pay taxes on a pension if you are collecting one.

    Aaah. I see. Thanks.

  Sorry, 49er... Don't know the answer to your question there.
 
 
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Lil Me

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Re: Canadian taxes and pension question
« Reply #6 on: Mar 03 08 08:56 »
 Gunta wrote:

 [div style="font-style: italic;"]Paying taxes on your pension? I believe your pension is actually [em]deductible[/em] if it is CCP or registered. I think you only have to pay taxes on a pension if you are collecting one.[/div]--
 
 Unfortuantely not.  CPP is taxable income.  The gov't doesn't withhold anything from pension income, so you need to settle up with CCRA on your own.
 
 
"In the absence of clearly-defined goals, we become strangely loyal to performing daily trivia until ultimately we become enslaved by it."  Robert Heinlein

Gunta

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Re: Canadian taxes and pension question
« Reply #7 on: Mar 03 08 02:45 »
Lil Me wrote:
Gunta wrote:

 [DIV style="FONT-STYLE: italic"]Paying taxes on your pension? I believe your pension is actually deductible if it is CCP or registered. I think you only have to pay taxes on a pension if you are collecting one.[/DIV]--

Unfortuantely not.  CPP is taxable income.  The gov't doesn't withhold anything from pension income, so you need to settle up with CCRA on your own.
   

 Are you sure? I am pretty sure Pensions are only taxable if you are collecting one. Like RRSP's

 [A href="http://www.hrsdc.gc.ca/en/isp/common/hrsdc/ris/riscpp.shtml"]http://www.hrsdc.gc.ca/en/isp/common/hrsdc/ris/riscpp.shtml[/A]

 

 According to revenue Canada CPP contributions are deductible.

 

 

 LOL,  I must have been confused earlier, I apparently was talking about the Chinese Communist Party.



 

Lil Me

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Re: Canadian taxes and pension question
« Reply #8 on: Mar 03 08 04:00 »
You're right, Gunta.  Sorry, I was confused.  Yes, the contributions you make are deductible.
 
 What I was trying to say is this...When you receive CPP in your old age, it is taxable income.  I usually do my grandmother's taxes, and she has a couple grand in taxes payable every April- when CPP and her low income supplement are her only income.
   
"In the absence of clearly-defined goals, we become strangely loyal to performing daily trivia until ultimately we become enslaved by it."  Robert Heinlein

gunta1

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Re: Canadian taxes and pension question
« Reply #9 on: Mar 03 08 04:31 »
That begs the question then. is Lise collecting a person or simply asking a question about contributions. Her initial post wasn;t the clearest.

  Exactly how old are you Lise?

Lil Me

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Re: Canadian taxes and pension question
« Reply #10 on: Mar 03 08 04:36 »
She's as old as Yoda but doesn't look a day over 21.  Go figure.  
"In the absence of clearly-defined goals, we become strangely loyal to performing daily trivia until ultimately we become enslaved by it."  Robert Heinlein

Russ

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Re: Canadian taxes and pension question
« Reply #11 on: Mar 03 08 04:50 »
Ha! I was trying to figure out a tongue in cheeck way of putting it but LM won it.

  I cant really answer this.. I was attempting to look over the info I had then gave up. I normally use an accountant.
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Lise

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Re: Canadian taxes and pension question
« Reply #12 on: Mar 04 08 05:55 »
Haha. Good comeback Lil Me. No, I'm not collecting pension but my workplace has offered us a pension package so I was just wondering about it, tis all.
Always end the name of your child with a vowel, so that when you yell the name will carry.
Bill Cosby.

 

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