RRSP Tax Help

Discussion in 'Reality Check' started by Wayne, Mar 7, 2009.

  1. Wayne

    Wayne
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    I am hoping someone can help me with this as I always do my own taxes with UFile but this year I have a hitch.

    My boss earlier in the year decided to give me $Amount of shares in the company, which I declined as I didn't really want to pay the taxes on them :hsugh: (wasn't sure I thought they were worth the investment, lol).

    He kept pressuring me to take the shares and offered to put the shares into an RRSP account for me. I paid no tax on them, I just signed some papers and now I have an RRSP account with $Amount of value i private shares.

    A few weeks ago I got a receipt like my normal RRSP account's contributions receipt that says I contributed $amount "in-kind" into the RRSP account.

    I never ever saw the money, paid any taxes, nothing, do I claim this contribution when doing my taxes as deductions? I have room for it, it just seems odd where I never actually put the $amount in there, my company did.
     
    Last edited: Mar 7, 2009
  2. Smokey

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    Yes, you can claim that as a 10K RRSP contribution and recieve the tax benefits
     
  3. Wayne

    Wayne
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    lol, 1 spot I had to write a dollar figure, oops.

    Thanks though, I have to confirm but that makes me smile :)
     
  4. Jentay

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    he is right... my employer puts money into my rrsp all time. what happens is that gets added to your income on your T4 slip, sometimes they may or may not then withhold tax on it. You get the RRSP slip and if you didnt pay tax on it, then you wont get any back, but if you did, you will get it back now.
     
  5. dpwu32

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    Hey Jen, I submitted my taxes before I got all of my T2202A's, and filed as having been a part-time student for six months. When I got my T2202A from CGA AB, they had me marked as being a full-time for seven months (I wasn't actually going to school full-tim at any point this year).

    1. Is there a way I can correct my filing?
    2. Should I use their figures if I'm able to, even though they're not "factual"?
    3. Do I need to wait til next year and claim the difference?

    I crunched the numbers for shits and giggles and it would put an extra $500-$600 in my pocket.
     
  6. Wayne

    Wayne
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    1. It wasn't added to my T4 income, or anywhere on my T4.
    2. I didn't get a separate T4 for that RRSP contribution.
    3. I didn't pay any tax on it.
    4. I have a contributions slip like my normal rrsp that I did pay tax on.

    Uggh, I gotta take it to an accountant, fuck.
     
    Last edited: Mar 8, 2009
  7. Wayne

    Wayne
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    That's how my regular RRSP works and thats fine, no questions there.

    This was supposed to be a bonus in company shares that I didn't want to pay taxes on so he threw them into an RRSP in my name. So now I have an RRSP that's worth money based on the value of our companies stock. Its not a publicy traded company, but they have value none the less.

    I signed papers and now have that RRSP account with Blackmont, whom just sent out the RRSP contribution reciept. Again, there was no T4, no mention of it on T4, its like I was given a free RRSP account with value in it.
     
  8. Jentay

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    It needs to be on a T4, they have misfiled your T4 if not. The way I explained it is how it works, you can go ahead and file what you have, but CRA can reassess you later on if your T4 is wrong.

    go tell your boss they fucked up your T4...

    ps Im an accountant ;) - dont bother going to one over this
     
  9. Boots

    www.reality-check.ca

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    They messed up my T4 too but the old boss says "The people who did them are pros, they are right" :pfft:
     
  10. Wayne

    Wayne
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    Its been confirmed, he is providing me with the paper, the "free" rrsp will be counted as a bonus (income) and as an rrsp contribution which means they will balance each other out.
     
  11. Jentay

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    the people who normally do T4s are bookkeepers. Although they know most of the stuff, anything out of the ordinary, I dont count on them catching...

    i would say most dont have a degree
     
  12. Jentay

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    so is he going to give you an amended t4 that includes the income?
     
  13. Wayne

    Wayne
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    whatever the accountant says to give me, he doesn't do them. Either way I am good to do my taxes online.
     

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