How Do RRSP Deductions Work In Canada

Save Tax with RRSP Investment

A Registered Retirement Savings Plan (RRSP) is a retirement savings and investing vehicle for employees and the self-employed in Canada. It has special tax advantages associated with it to encourage saving for retirement. Here’s how it works: 1. Contributions: Money that you put into an RRSP is used to purchase investments (like mutual funds, stocks, […]

Best tax deductions for my 2023 personal tax return for filing in Canada

1. RRSP Deduction: Contributions made to a Registered Retirement Savings Plan (RRSP) are a significant tax deduction available to taxpayers. 2. Child Care Expenses: If you have children and you pay for daycare, a nanny, or after-school programs, you may be able to claim these expenses. 3. Moving Expenses: Canada allows taxpayers to amortize the […]