How much rrsp should i contribute to get a refund

Many Canadians are intimidated by the many options when to contribute, and when to claim your contributions, to an RRSP. But the flexibility of this savings vehicle can help reduce the income taxes you pay which will give you even more money to save! Do you have any TurboTax coupons you can send our way? Thanks for the post! What is the best way you can find out how much RRSP contribution gives you the best refunds.

Is there a website we can plug in numbers. Your email address will not be published. Post Comment. This site uses Akismet to reduce spam. Learn how your comment data is processed. You Might Also Like. When maxing out your RRSP contributions is the wrong choice. About The Author. Money After Graduation Inc. If you don't see it, please check your junk folder. The next issue of Financial Post Top Stories will soon be in your inbox.

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Thanks for signing up! Learn more by downloading one of our guides. Canadians have embraced Registered Retirement Savings Plans over the years, with the average person By Doug Ronson on April 9, By Doug Ronson on August 17, By Doug Ronson on June 15, Sign up now. By: Doug Ronson Updated: October 15, How often can a person contribute to an RRSP? How do you contribute to an RRSP? There are many ways to contribute.

These include: Payroll deduction: Check with your employer to see if they offer a group RRSP plan in which you can simply have your contributions deducted from your paycheque. Some employers even provide a match, or partial match, of your contributions. Be sure to take advantage of the maximum amount your employer will provide — this is free money!

Regular withdrawal: You can set up a monthly automated withdrawal with your bank or investment company. The withdrawals do not need to be monthly — you can set them up as weekly or semi-monthly contributions. Regular cheque: You can simply send a cheque to your investment company at the end of each month.

Year-end contribution: Assuming that you have RRSP contribution room, you can make a year-end contribution. This means that you may be able to get a tax refund under the RRSP contribution rules.