Transfer To Retirement Income Tax Question

by Gene
(Hamilton Ontario Canada)

Transfer To Retirement Income Tax Question

Transfer To Retirement Income Tax Question

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?

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Jan 20, 2024
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starstarstarstarstar 		How Pension and RRSP Contributions Affect Taxes
by: BB

Contributing to your company pension plan or your RRSP can potentially reduce your taxable income, providing some relief during tax time. However, the impact depends on various factors. Consulting with a financial advisor or tax professional is recommended for personalized advice based on your specific financial situation.

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Transferring Money To US

by Ron
(San Francisco, CA, Country)

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?

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Jan 20, 2024
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starstarstarstarstar 		Tax Considerations for International Money Transfers
by: BB

Transferring your own money between your accounts typically doesn't incur taxes. However, consult a tax professional for specific advice based on your circumstances.
You can transfer money internationally through wire transfers, online banking, or specialized transfer services.
While the transfer itself may not trigger taxes, consult a tax professional to ensure compliance with tax laws and any potential reporting requirements.

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