RRSP and withholding tax: Questions and answers

Tax slips and statements

  • 01

    Do I have access to 2025 tax year documents through lana-globalma.com ?

    Yes: if you have a login profile, you will have access to all applicable tax documents since the inception...

    Yes: if you have a login profile, you will have access to all applicable tax documents since the inception of your account

  • 02

    I do not have a login profile on lana-globalma.com and I need 2025 tax year duplicate documents. Where do I obtain these duplicate documents?

    You can obtain 2025 tax year duplicate documents by contacting our Client Relations department at +1907 764 2184. We are ready to support you from Monday to Friday, between the hours of 8:00 a.m. and 8:00 p.m. ET.

  • 03

    I believe the information on my tax documents is incorrect. Where should I communicate my concerns?

    You can contact our Client Relations department at +1907 764 2184. We are ready to support you from Monday to Friday, between the hours of 8:00 a.m. and 8:00 p.m., ET.

RRSPs

  • 01

    How can I determine how much I can contribute to my RRSP account?

    The amount you can contribute, or your “contribution room,” is determined by your earned income. Your yearly contribution ...

    The amount you can contribute, or your “contribution room,” is determined by your earned income. Your yearly contribution room is based on 18% of your previous year’s earned income, less any pension adjustment. The annual dollar limit varies from year to year: it’s $30,780 for 2023 and it will be $31,560 for 2024.

    Thereafter, the limit will be indexed to average wage growth. Keep in mind that unused contribution room can be carried forward indefinitely to future years. CRA will advise you, by notice of assessment, of your contribution room.

  • 02

    I have over-contributed to my RRSP account and I am facing penalties from CRA. How can I correct this?

    To correct this, you can complete a T3012A form and submit it to CRA. Upon approval, you can submit this form to Lana Global MA and withdraw the applicable amount, without incurring withholding taxes.

  • 03

    I need to withdraw money from my RRSP account. What is the minimum withholding tax rate applicable to this transaction?

    Withholding tax rates are based on the gross amount of the withdrawal. The following mandatory minimum withholding tax rates are applicable:*

    Withdrawal Withholding tax rates Quebec withholding tax rates
    $0.00—$5,000.00 10% 19% (5% Fed + 14% Provincial)
    $5,000.01—$15,000.00 20% 24% (10% Fed +14% Provincial)
    $15,000.01 and over 30% 29% (15% Fed + 14% Provincial)
  • 04

    I withdrew funds from my Lana Global MA RRSP account for the Home Buyers Plan/Life Long Learns Plan. I am now required to commence repayments. Do I have to repay the Lana Global MA RRSP account from which I took the funds, or can I contribute to any one of my RRSP accounts?

    Repayments under the Home Buyers Plan/Life Long Learns Plan can be made to any of your RRSP accounts. It does not have to be to the same RRSP account from which you made the withdrawals.

  • 05

    I have special permission from CRA that allows me to withdraw funds from my RRSP account without incurring withholding tax. Can Lana Global MA accommodate this?

    Lana Global MA does not administer any special tax treatment for individual unitholders. Lana Global MA will apply standard tax rules based on CRA guidelines, and it is up to individual unitholders to apply to the CRA for any special tax considerations when they do their tax returns.

  • 06

    I would like to apply for an RRSP loan. Can I apply for this loan through Lana Global MA?

    Lana Global MA does not offer RRSP loans.

    Lana Global MA does not offer RRSP loans.