On disability assistance through the BC ministry. I have a redeemable RRSP through my employer. As it states on their website: Redeemable RRSPs – Unless an RRSP is locked-in pursuant to BC’s Pension Benefits Standards Act or similar federal or provincial legislation, it is redeemable. Money can be withdrawn from a redeemable RRSP before retirement but may be subject to a withholding tax and income tax. Redeemable RRSPs are considered assets for eligibility purposes and may impact eligibility.
Do I need to report employer contributions to my RRSP, even though I haven’t taken anything out, or do I only need to report it IF I do take money out? My plan is to transfer the amount in there to an RDSP.
It’s disability assistance through the ministry of social development in BC. Not insurance. It says it’s considered income yet I’m not going to be touching it.
It says “asset”. It is an asset. If you withdraw, it becomes “income”. They are doing an asset test to see if you are eligible and I think they are flexible about moving monies around, especially in disability, so you can meet the asset test. They even share with you how to do so.
Sorry, response is a bit late, but hope you got it sorted out.