I understand that when I am withdrawing funds from my Riff Account that tax must be retained, if the taxes are paid from the Riff then it increases my gross income, can I not have the tax retained from an other source such as TFSA.?
Dear Sir
What is riff or tfsa? Further, is it related to Canadian tax? If yes, then I am sorry, I ma not expert in candain tax.
We can help for any Indian income tax matter.
Please feel free to call/revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
The Canada Revenue Agency (CRA) requires that you take minimum payment amounts out of your RRIF each year. That amount is determined at the beginning of each year by a calculation that uses your age and the market value of the assets in your account as of December 31 of the previous year.
RRIF payments are considered taxable income in the year they are withdrawn and will be added to your income for tax purposes. RRIFs are extremely flexible - you may make withdrawals as often as you like and you may withdraw over your minimum annual amount.
It will not increase your gross income as taxes are paid from the gross income and the income remains same.
I did not realize your company were not an authority on Canadian Taxes, there for you are not able to answer my question. I ask that you return my payment . Thank you Neil
Hello Sir,
I apologise but I am not an expert in Canadian Taxes, so will not be in a position to answer your query.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
