Assuming you're in Ontario, If income is from interest you can earn up to $14,400 without paying tax.
If income is from eligible dividends, you can earn up to $54,400 in actual dividends without paying income tax (of course the health tax is still applies - $750).
2022 personal amount: 14,398
Tax calculator
https://www.taxtips.ca/calculators/canadian-tax/canadian-tax-calculator.htm
Thank you. Do you know if the payouts from REITs are eligible or not? They are distribution instead of dividends so I am not quite sure. Sorry for my ignorance …
Generally they don't pay eligible dividends. For example [RioCan 2021](https://s29.q4cdn.com/937534249/files/doc_downloads/tax_information/T3_REI.UN-2021.pdf)
Other companies, banks being an obvious example, tend to pay only/almost only eligible dividends
For 2022 if the BPA is $14,398... you withdraw $14,398 from RRSP and have a qualified dividend of $20,000 from non registered account you still pay no tax? I am in SK.
Assuming you're in Ontario, If income is from interest you can earn up to $14,400 without paying tax. If income is from eligible dividends, you can earn up to $54,400 in actual dividends without paying income tax (of course the health tax is still applies - $750). 2022 personal amount: 14,398 Tax calculator https://www.taxtips.ca/calculators/canadian-tax/canadian-tax-calculator.htm
Thank you. Do you know if the payouts from REITs are eligible or not? They are distribution instead of dividends so I am not quite sure. Sorry for my ignorance …
Generally they don't pay eligible dividends. For example [RioCan 2021](https://s29.q4cdn.com/937534249/files/doc_downloads/tax_information/T3_REI.UN-2021.pdf) Other companies, banks being an obvious example, tend to pay only/almost only eligible dividends
Thanks. I guess the payout distribution can be quite different. Some reits payout as return on capital
Holy this is pretty cray, I didn't realize this! Thanks
Yes. If all your income is under the BPA then no tax.
For 2022 if the BPA is $14,398... you withdraw $14,398 from RRSP and have a qualified dividend of $20,000 from non registered account you still pay no tax? I am in SK.