RRSP and tax FAQ

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Q.  Can I transfer any or all my RSP accounts to my spouse’s RSP account?

A.  Registered money cannot be transferred from one spouse to another while both parties are living.

Q. I need to redeem money from my RSP account. What is the minimum withholding tax rate applicable to this transaction? 

A. Withholding tax rates are based on the gross amount of the withdrawal. The following mandatory minimum withholding tax rates are applicable:*

Gross redemption (net of DSC fees) Outside of QC Inside QC
$0.00—$5,000.00 10% 20% (5% Fed + 15% Provincial)
$5,000.01—$15,000.00 20% 25% (10% Fed +15% Provincial)
$15,000.01 and over 30% 30% (15% Fed + 15% Provincial)

* Mandatory minimum withholding tax rated for Canadian residents

Q. How can I determine how much I can contribute to my RSP account?

A. The amount you can contribute or "contribution room" is determined by your earned income. Your yearly contribution room is based on 18% of your previous year’s income, less any pension adjustment. The 2003 federal budget changed the contribution limits, keeping the 18% of earned income each year, but raising the dollar limit from $13,500 to $14,500 for the 2003 tax year, $15,500 in 2004, $16,500 in 2005 and $18,000 in 2006. Thereafter, the limit will be indexed to average wage growth. Keep in mind that unused contribution room can be carried forward indefinitely to future years. CRA will advise you, by notice of assessment, of your contribution room.

For more information,  visit  the CRA website

Q. I have over-contributed to my RSP account and I am facing penalties from CRA. How can I correct this?

A. To correct this, you can complete a T3012A form and submit it to CRA. Upon approval, you can submit this form to Fidelity and withdraw the applicable amount, without incurring withholding taxes.

Q. I withdrew funds from my Fidelity RSP account for the homebuyer’s program. I am now required to commence repayments. Do I have to repay the Fidelity RSP account which I took the funds, or can I contribute to any one of my RSP accounts?

A. Repayments under the homebuyer’s program can be made to any of your RSP accounts. It does not have to be to the account from which you made withdrawals. You cannot, however, contribute to a spousal account and have it deemed as a repayment.

Q. I have special permission from CRA which allows me to withdraw funds from my RSP account without incurring withholding tax. Can Fidelity accommodate this?

A. Fidelity does not administer any special tax treatment for individual unitholders. Fidelity will apply standard tax rules based on CRA guidelines, and it is up to individual unitholders to apply for special tax consideration when they do their tax returns.

Q. I would like to apply for a RSP loan. Can I apply for this loan through Fidelity?

A. RRSP loan applications must be initiated through the third-party company of your choice. Please consult your advisor if the RRSP loan you have selected allows investments from Fidelity. 

Tax Slips and Statements

Q. Do I have access to 2018 tax year documents through fidelity.ca?

A.  Yes, if you have a login profile, you will have access to all applicable tax documents since the inception of your account.

Q. I do not have a login profile on fidelity.ca and I need 2018 tax year duplicate documents. Where do I obtain these duplicate documents?

A.  You can obtain 2018 tax year duplicate documents by contacting our Client Relations Department at 1-800-263-4077. We are ready to support you from Monday to Friday, between the hours of 8:00 a.m. and 8:00 p.m. Eastern Standard Time.

Q. I believe the information on my tax documents is incorrect. Where should I communicate my concerns?

A.  You can contact our Client Relations department at 1-800-263-4077. We are ready to support you from Monday to Friday, between the hours of 8:00 a.m. and 8:00 p.m., Eastern Standard Time.


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