rrsp income

[kenyatta]

can anyone tell me if immigration ackonwledge rrsp withdrawal as income i need to do a sponsorship and my regular income is not enough can i use my rrsp withdrawal to make up my income i was asked from immigration to update my financial situation for my parents sponsorship i withdrew some money earlier this year

 

[kenyatta]

can anyone plz help me here i need to hear from someone with an answer any champion member plz.

 

[sahm2boys]

I'm not a champion member but I do know that RRSP's are not considered an income. I wondered the same thing and had contacted CIC about it and Revenue Canada. They both said no.

 

[kenyatta]

tnks 4 ur answer im wondering - even though i have to pay tax on it and report it to rca because its counted as income when u withdraw it - dont mean rrsp deduction i withdraw it to do something other than buying home did u withdraw or it was a deduction pls reply

 

[sahm2boys]

I did withdraw some and I still have some invested. Neither is considered to be income, regardless. I was hoping it was too but they both said no.

 

[kenyatta]

thanks 4 ur answer i am so disappointed lol iguess its just a gain to rca

 

[kenyatta]

hi sahm2boys just to let u know i called immigration this morning and they told me rrsp income is accepted as long as it is in ur notice of assessment does anyone else knows

 

[kenyatta]

Re: can anyone clarified

can any member of the panel verified if this is true. i know that every agent say something different. is rrsp income counted. it will be included in my tax for 2011

 

[kenyatta]

Re: rrsp withdrawal

can anyone confirm

 

[toby]

Re: can anyone clarified

can any member of the panel verified if this is true. i know that every agent say something different. is rrsp income counted. it will be included in my tax for 2011

I don't know why an RRSP withdrawal would be considered income for purposes of sponsoring someone. Immigration is interested in knowing whether you can continue to support the immigrant financially. Unless your RRSP is a large one, withdrawals will soon deplete it, and then you won't be able to support the immigrant financially.

However, this could be wrong. I suggest you ask this question in the Finance section of this site, and hope that Jonboy (a tax accountant) answers you.

 

[kenyatta]

tnks for ur answer thats wat they told me because it would be on my assessment option c.can u give me the website for the finamcial part

 

[toby]

tnks for ur answer thats wat they told me because it would be on my assessment option c.can u give me the website for the finamcial part

Click on Home (at the top of the screen), scroll down to Canadian Finance and Taxation, then click on it to enter, and post your question there.

.

 

[klargenf]

hi sahm2boys just to let u know i called immigration this morning and they told me rrsp income is accepted as long as it is in ur notice of assessment does anyone else knows

Hi, kenyatta. I wonder if you had really withdrawn money from your RRSP later and if that had been accepted as income for sponsoring your family.

I am sposoring my parents and i am trying to withdraw money from my RRSP to meet the CIC's low income cut-off.

I know it's an very old post but could you let me know any new update about your case?

Thanks in advance for the reply.
8)

 

[kenyatta]

hi knerglaf yes i was accepted by cic because i reported it on my income tax and i got approved

 

[klargenf]

hi knerglaf yes i was accepted by cic because i reported it on my income tax and i got approved

Thanks, kenyatta.

By the way, have you ever tried to contact CIC or the case processing center to confirm about the RRSP income or ask any other question?

I called the number 1-888-242‑2100 for CIC coz I have a few questions regarding the new regulations in 2014. But the agent that I spoke with knows nothing and he just told me to contact the case processing center in Mississauga. He gave me their fax number 905-803-7392 but I doubt if they will reply to my fax seriously.

So may I know how you contacted them to get the information you needed? Were they helpful?

Thanks in advance for your reply. 8)