Jason Heath: You can earn a guaranteed return on your investments whether markets rise or fall. Find out more.
The past three years have been relatively good to investors, so many with non-registered investment accounts had capital gains over that time that can be offset with 2022 losses.
This rule is generally a punitive one meant to deny a taxpayer’s loss. If you sell an investment for a loss and you or your spouse buys that investment back within 30 days , the loss is generally denied. Their adjusted cost base then becomes your original cost, not the price at which they purchase the investment. You can use this to effectively transfer a loss to a spouse by selling an investment now at a loss and then having your spouse buy back the same investment.
As a very general guideline, I would probably not contribute to an RRSP if your taxable income is below about $50,000 unless you have an employer matching contribution. If your income is higher, especially if you expect to be in a lower tax bracket in retirement, consider using TFSA withdrawals to fund your RRSP.
Retirees with RRSPs and RRIFs should not necessarily base their retirement account withdrawals on the age 71 conversion deadline or the annual government RRIF minimums. Early withdrawals can allow one to take advantage of low tax brackets, smooth a retiree’s income in retirement and save tax on death.
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