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RRSP-borrowing for home purchase

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RRIFmetic allows you to remove (tax free) or add funds to the RRSP capital.

Say you were to simulate removing funds from your RSP in the future for a house purchase and then returning them at an even later date.

This is easy... the column next to the RRSP contribution (called 'rollover') is for just that purpose..... say you planned to take $10,000 out of your RRSP.

Go to the 'rollover' column and, at the year you plan to take out the funds, click.

Enter -10000 at the prompt.

Now go down to the year you plan to 'return' the funds, click.

Enter 10000 at the prompt. (IMPORTANT...since this money to repay the RRSP would have to come from your pocket, then you would have to enter an offsetting -10,000 (negative!) nontaxable income in that year as well)

It is that simple.


How about a future severance? Again, use the 'rollover' column.

If you expect a severance in two years time, go to the second cell in the 'rollover' column and enter the amount of the severance.

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