I'm in a situation where I have a pension income as well as a working full time income. Taxes kill me. This year I paid $285 that I owed. This after I managed to put $700 into my RRSP and having $400 additional a month taken for income tax. If I put the additional $400 I pay a month into my company pension plan or even into my own RRSP; would this stop me or even out so that I won't have to pay at the end of the year. Or possibly get some money back?
Hi, I am employed in US and my parents are in India. I had transferred 50K from my income to India in last 2 years to support my family. Now it seems that they don't need that much money and I need it here to support my child's education. My questions are:
1) Can I transfer that money back to US without paying any tax?
2) If yes, how can I transfer?
3) If there would be any tax, then how much would it be?