Paramjit Kaur
29-241 Clarence St. L6W4P2 Brampton, ON, Canada

RRSP deadline for tax year 2015 is: February 29, 2016. Basically 60 days into the new year. There is an abundance of choice out there for RRSP accounts, but here is a review of the best online brokers for RRSPs. Also note that your RRSP contribution limit should be on last years Notice of Assessment (NOA) or 18% of your last years earned income up to a maximum contribution of $24,930 (for 2015 tax year).... If you don’t have your NOA, then you can call Canada Revenue Agency (CRA) and they will determine your limit after a bunch of security questions. CRA also has a free online service that enables you to access your RRSP contribution limit information online. Remember that unused contribution room from previous years can be carried forward. Here are the RRSP contribution limits for other tax years: 2014 $24,270 2015 24,930 2016 25,370 If you want to calculate your tax savings based on your RRSP contribution, here is what you do: 1. Determine your marginal tax rate based on your income and province. For me personally, my marginal tax rate is: 39.3% (try taxtips for your tax rate) 2. Multiply your total contribution for the year by your marginal tax rate and voila, you will have your approximate RRSP tax refund. Example: In 2014, I contributed around $6,000 to my RRSP, so I should get approximately: $6,000 x 39.3% = $2,358 3. Or, you can forget the math and use an RRSP calculator that is easily found online. Instead of running to a bank and waiting in long line ups, start by giving me a call. Also note that you can carry forward your tax deduction, so even if you are in a low income year, you can invest now and claim the deduction during years when income is higher.

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