What is a RRSP?

RRSP - Registered Retirement Savings Plan is a contribution made towards your retirement plan. You can make annual contributions up to the amount allowed by CRA.

The amount limit is calculated by CRA and can be found in your NoA - Notice of Assessment. The calculation takes into consideration the income you earned either as employee and/or sole proprietorship/self-employed.

Once you have contributed to a RRSP program you must report the amount in your tax return. All financial institutions allowed to work with RRSP accounts must issue you a RRSP slip stating the amount of your contribution.

If you didn't report your RRSP contribution in your tax return, you will have to file an adjustment tax return for that year to include such a contribution.

Your contributions can reduce your taxable income and bring tax savings for you. It can also be used to buy a home. If you want to know more about RRSP, you can talk to your financial institution representative and check CRA website for more details.

At iRefund we have the necessary knowledge to take care of this deduction in your tax return.

Start your tax return process using this link: Tax Organizer