As many readers are still asking questions about the famous relief of 25% minimum withdrawal of the Fund registered retirement income fund (RRIF) for 2008, we report in two weeks Following amendments to tax returns for 2008 to review the matter.
In its fact sheet 08-121, December 2008 (published in the wake of the economic statement of 27 November), the Canada Revenue Agency (CRA) confirms that the RRIF annuitant who received the full amount at least 2008 according to the law can contribute up to 25% of the minimum amount so received in any RRIF Income Fund (LIF) or other RRIFs held . If an individual is aged 71 or younger in 2009, it may rather do it in his RRSP. This announcement applies to taxpayers who have reached an age other than 71 in 2008. The statement specifies that these contributions must be paid no later than March 2, 2009 or 30 days from the date of royal assent to legislation putting these measures into effect.
But as Bill C-10, Budget Implementation Act of 2009 has received the sanction March 12, 2009, eligible individuals will have only juice-Tuesday, April 14, 2009 (April 12 falls on a Sunday and April 13 Easter Monday) to return to their RRIF, LIF and RRSPs some of the money already withdrawn from a RRIF or LIF in 2008 respecting the limit of 25%. Clearly, if a taxpayer has withdrawn the minimum unreduced for 2008 and has not yet made the new deductible contribution of 25%, it has until then to act inclusively and be able to infer from his statements fiscal 2008. If he does, as directed by the CRA, the receipt of the financial institution will indicate that it was effected on 1 March 2009. The rules are the same in Quebec.
Use the Internet link http://www.cra arc.gc.ca / tx / ndvdls / tpcs / RRIF-feer / q-eng.html to reach the page "Questions and answers about the changes for 2008 RRIF minimum amount "of the website of the CRA was amended to reflect this new deadline and continue to provide the deduction rules. In conclusion, remember that the taxpayers concerned are not obliged to make this contribution in the same regime or to the same financial institution from which they originated least 2008.
Budget March 19
The Minister of Finance of Québec, Monique Jérôme-Forget, comes to the budget.
Here are some specific measures affecting:
1 The refundable tax credit for costs of child care is improved, including increasing the $ 7,000 to $ 9,000 the limit on expenses (other than the parental contribution of $ 7 daily ) paid for a child under seven years old suffering from no disability. In addition, we make child care expenses deductible even during parental leave.
2 The tax credit for the acquisition of shares issued by CSN Fondaction after May 31, 2009 temporarily switches 15% to 25% to encourage its capitalization.
3 The SME Growth Stock Plan is improved and the system becomes Savings Plan II.
4 A refundable tax credit for the purchase or lease new fuel-efficient vehicles is established, determined by their environmental performance.
Finally, she announced the harmonization of legislation in Quebec with federal law several measures, including the deduction for loss in value of investments in an RRSP or RRIF after death. We will certainly have the opportunity to return.
* Author: Peter Juneau, ca, F. Pl. - Posted March 26, 2009 - The Sun
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