| 2024 RRSP Contribution Limit |
2023 earned income
|
0
|
| 18% of earned income to maximum of $$30,780 |
75,000
|
|
0
|
|
0
|
|
0
|
| 2024 RRSP contribution limit |
13,500
|
| RRSP Tax Savings |
| PROVINCE | |
|
55,000
Taxable Income
Enter the taxable income amount from line 260 of your personal income tax return.
|
| Contribution Amount |
Contribution Amount
Enter 3 RRSP contribution amounts to compare the tax savings and after-tax amount for each contribution.
|
| Tax savings |
After-tax amount |
|||
| 1. |
5,000
|
$1,600 | $3,400 | |
| 2. |
10,000
|
$3,200 | $6,800 | |
| 3. |
15,000
|
$4,800 | $10,200 |
RRSP Contributions and Tax Savings
$16,000
$12,000
$8,000
$4,000
$0
Amount 1
Amount 2
Amount 3
| After-tax amount | Tax savings |
Assumptions
Calculations use marginal tax rates as of . Rates take all federal and provincial taxes and
surtaxes into account and the basic personal tax credit. The RRSP contribution limit is $ for
.
Disclaimer
