What income does not qualify as Eligible Earned Income?
There are a few types of income that do not qualify as Eligible Earned Income in the calculation of your RRSP contribution room. A few of these are listed below:
- Investment Income – Interest and Dividend Income
- Taxable Capital Gains
- Withdrawals from an RRSP, RRIF, LIF, etc.
- Pension and DPSP income
- Canada Pension Plan (CPP), Old Age Security (OAS) payments and Quebec Pension Payments (QPP)
- Retiring Allowances
- Death Benefits
- Scholarships and bursaries
- Income earned as a limited partner of a limited partnership
Calculating the RRSP contribution available is based upon the Earned Income of taxpayers who were resident in Canada throughout the year (full-time and part-time) and it applies to the period of residence.
- What income is included in the calculation of my allowable RRSP contributions?
- How is my RRSP contribution amount calculated?
- What is a Pension Adjustment (PA) and why is it deducted from my allowable RRSP contribution room?
- If I leave my current employer and my pension benefit is less than the Pension Adjustments (PAs), do I get my RRSP contribution room back?
- What is a Past Service Pension Adjustment (PSPA)?
- What is the maximum I can contribute to my Individual and Spousal RRSPs for 2010, 2011 and 2012?
- What is the maximum amount I can contribute to my or my spouse's RRSP in 2013 and 2014?
- What are the deadlines for making contributions and claiming them on my income tax return?
- Do I need to deduct all of my RRSP contributions in the tax year they were made?
- I think I have over-contributed to my RRSPs. What can I do?
- Do my RRSP contributions need to be made with cash?
- Can a deceased person's estate contribute to the deceased's RRSP if they still have allowable RRSP contribution room available?
- Is there an age limit for making RRSP contributions?
- I currently have allowable RRSP contribution room that I will never be able to use. Can I gift or transfer it to another person?
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