One-stop Canadian tax information center
Earned income is used to calculate your RRSP deduction limit. It generally includes: employment earnings net business income net rental income taxable support (alimony) payments received, disability benefits received from Canada Pension Plan (CPP) or Quebec Pension Plan (QPP). The above income increases your RRSP deduction limit.
Eligible capital property may be broadly described as intangible capital property – property that does not physically exist but that gives you lasting economic benefits. Some examples of eligible capital property include goodwill, incorporation costs, customer lists, franchises, concessions, or licenses for an unlimited period.
Registered Pension Plan (RPP) is a pension plan that is set up by employer and registered by the Canada Revenue Agency (CRA). Funds are contributed by an employer, or by an employer and employees, to provide a pension to employees when they retire.
Unused RRSP contributions are the amount of your registered Retirement Savings Plan (RRSP) contributions that you could not deduct or have chosen not to deduct and that did not designate as an HBP or LLP repayment for any year.
RRSP deduction limit is the maximum amount you can deduct from contributions you made to your RRSPs or to your spouse’s RRSP or common-law partner’s RRSP (Spousal or common-law partner RRSP) for a year (excluding transfers to your RRSPs of certain types of qualifying income).
RRSP limit is the maximum amount of new RRSP deduction room that you can create for a year and is one of the amounts used to determine your RRSP deduction limit for that year.
Registered Retirement Savings Plan (RRSP) is a special type of accounts holding savings and investments. It is a Canadian government regulated program, with special tax benefits, to help Canadians save for retirement.
Your tax-free savings account (TFSA) contribution room is the maximum amount that you can contribute to your TFSA. Your contribution room accumulates every year even if you do not file an income tax return or open a TFSA.
Tax-free savings account (TFSA) is a program for Canadians over 18 years or older to save money aside tax-free for the future.
On the disposal of an asset of a class, there may be a recapture of capital cost allowance (CCA) if the undepreciated capital cost (UCC) at the end of the taxation year, before taking into account the disposition, is less than the lesser of the proceeds of disposition or the capital cost of the asset.