What is my RRSP limit for the current year?

There are two ways to determine this number:

i) it will be 18 percent of the prior years income if this the second year of the work;

ii) If you have had income in previous years your notice of assessment (second page at the bottom) will have a breakdown of the balance forward and current years amount to give you a total. This balance is carried forward until used up.

What is the Child Tax Benefit?

The Income Tax Act provides for non-taxable monthly CCTB payment to the custodial parent (who is usually the mother) of the children under the age of 18. The CCTB is reduced by five percent for the parents' net family income over $32,000. If you are not already receiving the CCTB you must apply.

RRSP Benficiary?

If the beneficiary of an RRSP is a child or grandchild of the deceased, who is financially dependent of the deceased at the time of death as a result of mental or physical infirmity, the RRSP may be transferred to an RRSP, RRIP, or annunity for that child.

Investment Loan Interest?

Any funds borrowed that are invested to create income the interest on the loan is 100 percent deductible.

Medical Expenses?

All medical expenses, including dental and homeopathy prescribed drugs.