Editing Difference between Pension and RRSP
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| Limitations || Depends on the nature of the pension - defined contribution plans have the same max annual contributions as RRSPs. || Contributions can only be made up to 71 years of age; maximum annual limit dependent on maximum for taxpayers as well as percentage of income from the previous year. | | Limitations || Depends on the nature of the pension - defined contribution plans have the same max annual contributions as RRSPs. || Contributions can only be made up to 71 years of age; maximum annual limit dependent on maximum for taxpayers as well as percentage of income from the previous year. | ||
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− | | Withdrawals || | + | | Withdrawals || Dependent if the employee is fully vested; may be liable to liabilities or penalties when withdrawn prematurely. || Withdrawals are taxable and can be made before retirement; declared on line 129 of the tax return. |
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