Hi everyone - sorry to ask - I just can't find the rule and it is not clicking for me today - I just can't find it.
One time RRSP withdrawals - declared NOT as income for one time withdrawals as long as the money is not used for well things that normally get paid with regular income. In my case I took out 7,000 to cover lawyer's fees. I asked the CRA and was given the letter from the CRA to have the bank release the funds without holding the normal taxes (10 - maybe 15% for this amount I believe?)
What I need to find tonight is: Where is the rule or document that states that we can declare a one time withdrawal of RRSP as not income (in my case I brought it up with my lawyer and his response was, "It will not be too bad averaged out over the year" ?????? I admit I was at the end of my rope and I said no - declare it as non income and I really got the impression he had no clue on this? He is making my support application tomorrow so yes, this will be a huge difference for me as it would actually almost double my income amount when it doesn't need to.
thanks for your help
One time RRSP withdrawals - declared NOT as income for one time withdrawals as long as the money is not used for well things that normally get paid with regular income. In my case I took out 7,000 to cover lawyer's fees. I asked the CRA and was given the letter from the CRA to have the bank release the funds without holding the normal taxes (10 - maybe 15% for this amount I believe?)
What I need to find tonight is: Where is the rule or document that states that we can declare a one time withdrawal of RRSP as not income (in my case I brought it up with my lawyer and his response was, "It will not be too bad averaged out over the year" ?????? I admit I was at the end of my rope and I said no - declare it as non income and I really got the impression he had no clue on this? He is making my support application tomorrow so yes, this will be a huge difference for me as it would actually almost double my income amount when it doesn't need to.
thanks for your help
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