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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: tyc:> who wrote (68751)	1/27/2010 11:35:44 AM
From: Jaakko	Read Replies (1) \| Respond to of 78426

Yes, I believe you have to include the value (money, or in-kind mkt value of shs) withdrawn from your RRSP into your income for the year.... it then depends on your tax situation (e.g. deductions, credits etc.) whether you actually end up paying tax on it when you do your tax return... The Trustee of your RRSP will likely withhold a percentage of the money you take out, e.g. 20% depending on the amount you take out.... Not sure what they do if it's in-kind shs... You can claim credit for the withheld amount when you do your tax return.... I've done it a few years back and remember only how it worked at that time... But check with your Accountant (I'm not)... On the other hand, taking money out of a RRIF, you should stay within your minimum and maximum amount specified for your plan for the year when you do it.... you should include the amount into your income when doing your taxreturn... then it depends again on your situation whether you end up paying tax or not when you do your taxreturn... Check again with your accountant to make sure...