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Strategies & Market Trends : Ride the Tiger with CD

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To: LoneClone who wrote (141162)	1/2/2009 6:46:43 PM
From: robnhood	Read Replies (1) of 312353

It looks like the answer is no tax deductions -- actually that only makes sense- you can't have your cake and eat it too. TFSA RRSP Effective date 2009 Already in force Eligible age 18 years None Contribution age limit None 71 (contributor/spouse) Plan maturity None Year of 71st birthday Contribution limit $5,000 in 2009 2009: $21,000; 2010: $22,000 Indexing of contribution limit Based on Consumer Pruce Index (CPI), in $500 amounts Based on Average Industrial Wage’s (AIW) growth Limit as a % of earned income N/A 18% Carrying forward unused room Annually Annually Withdrawal limits None None Replacement of withdrawals Yes No Tax deductions No Yes Tax on income No No Tax on withdrawals No Yes Qualifying investments Similar to RRSPs Few restrictions Excess contributions 1% penalty/month 1% penalty/month if > $2,000 Impact on government benefits No Yes Family patrimony Not known Yes Contribution to spousal account No, but funds can be given Yes Attribution rules No No, except for the 3-year rule Tax impact at death None Yes, if no rollover Transfer-breakup/death (spouse) Yes, rights unaffected Yes, rights unaffected Use as collateral Yes No Loan interest Non-deductible Non-deductible

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