How does an RRSP contribution reduce your income tax?

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Contributions to an RRSP can reduce your tax bill. If you pay your taxes throughout the year, you can get a refund at tax time for making an RRSP contribution. If you had tax owing, an RRSP contribution can lower that amount. This video explains how it works.
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So the more I contribute to my RRSP, the larger my refund. Got it. Thank you!

Heyletesha
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Income tax is, imo, absolutely criminal.

I have zero problems paying goods and services taxes, I want to contribute - but income tax is disgusting.

Atreyuwu
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Thanks for this simple explanation and examples, Preet. 

Taxevity
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Exactly what I was looking for, thanks.

chelseasawatzky
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The rrsp contribute comes from the 39805 since you are already taxed when you get paid. Ya right you get some back in the next tax return season but your cash flow for that year is only 34805 for a 50000 salary person. Either way the government wins.

xinhongtong
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Hey.. why is no one talking about the employers portion in the rrsp it is a taxable benefit and is considered as your revenue. So at the end you are paying for your rrsp as well. Learnt it the hard way

PunitPandya-qmfo
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I know im only 9 yrs late, but nice video

LebZeppelin
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If you make a withdrawal it gets tax for withholding tax and the money goes to your account and it adds to your income which you will be taxed again for income tax. You may not see it but you get less than what you contributed. Government always wins

mtdBarbarian
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Can I choose to pay no taxes on my paycheck and contribute the amount i would have been taxed to an RRSP?

thatsbeef
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hey, lets say i put 2800$ in RRSP for 2024. now it is 2025. does that mean I am at 0$ again and need to put again for 2025 tax reduction? i know my 2800 is stilll there but it doesnt carry over for 2025 contribution correct?

carneythegamer
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