Check your actual room
An RRSP contribution is not automatically deductible just because it fits a percentage shown in a calculator. Your latest assessment and contribution records matter. Pension adjustments, unused room and contributions already made can change what is available.
Keep three amounts apart
The contribution is money paid into the plan. A deduction may reduce taxable income. The account balance is the value still held in the plan. The account worksheet shows the gross RRSP balance and an illustrative withdrawal-tax adjustment separately.
A deduction is not automatically a refund
Tax already withheld and the rest of your return determine whether money is refunded or a balance is due. A contribution multiplied by a single tax rate is only a rough illustration. This website does not calculate or promise your refund.
Compare equal assumptions
Using the same deposits in a TFSA and RRSP does not make them equal after-tax-cost strategies. A full comparison would consider how deductions are used, withdrawal rates, benefits and timing. Our simplified table does not reinvest a refund or recommend an account.
Take this little checklist with you.
- Check assessment and contribution records.
- Keep gross balances distinct from spendable amounts.
- Discuss deduction timing and withdrawals with a qualified adviser.
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