SPIA Purchase from Tax Deferred Account
Posted: Sat Nov 29, 2014 5:38 pm
Hi,
Just wondering how you would enter the purchase of a SPIA from a tax deferred account (RRSP) and then the annuity income which is now also deferred taxable income from that point on.
Right now I have entered the purchase into the additional inputs screen - but it appears that I am fully taxed on that expense ("Other Expenses") - when in reality there would be no tax payable at that time - just the yearly income from the SPIA itself.
Thanks for your help.
Chris.
Just wondering how you would enter the purchase of a SPIA from a tax deferred account (RRSP) and then the annuity income which is now also deferred taxable income from that point on.
Right now I have entered the purchase into the additional inputs screen - but it appears that I am fully taxed on that expense ("Other Expenses") - when in reality there would be no tax payable at that time - just the yearly income from the SPIA itself.
Thanks for your help.
Chris.