1. CCRA Form T1023 (Calculation of Earned Income) outlines all sources of Earned Income.

• Contribute any time during the year that a deduction is being claimed, or within 60 days after that year-end.

• If turning 69, one has until December 31 of that year to contribute. After age 69, if one has earned income or unused contribution room, one can contribute to a spousal RSP if the spouse is 69 or younger.

• Withholding tax rate applied depends on the amount requested to be withdrawn:

• $2,000 lifetime over-contribution allowed.

• Must have reached age 18 or older in preceding year.

• 1% per-month penalty tax may apply to over-contributions left in the plan.

• Over-contributions can be used as deductions in future years.

• Upon death, the fair market value of all property held in the annuitant’s registered plans is generally included in planholder’s final year income and taxed accordingly.

• This general rule will not apply if the annuitant’s spouse is named as the successor annuitant or beneficiary under the plan and transfers funds to own plan.

• A tax-free transfer can also be made to a registered plan for a financially dependent child or grandchild who has a physical or mental infirmity, or a minor dependant can make a tax-deferred transfer to a special annuity.