RRSP question, i contributed almost 7k not getting back much

MIKE2000Z28 · Post by **MIKE2000Z28** » Fri Apr 11, 2008 4:43 am

Alright i made about 41k as total income. I contributed 6900 for rrsp and basically when all is said and done, im getting back 454 which seems like im getting screwed somehow but everything checks out. Last year i made 44k and put 6k away for rrsp and got back almost 1400. There goes the rule you get back whatever tax bracket your in!

nelsona · Post by **nelsona** » Fri Apr 11, 2008 8:20 am

This may be pretty basic, but the correct way of determining how much your RRSP contribution is reducing your tax is to do your return WITH the RRSP contrib and then do it WITHOUT. the difference would be your benefit. Without RRSP, you may have owed $2500.

You may simply have had less other deductions in 2007.

MIKE2000Z28 · Post by **MIKE2000Z28** » Fri Apr 11, 2008 4:35 pm

Hey Nelsona, yeah actually i did that. For some reason, it said i owed 1200 before i did the rrsp section of my taxes which is odd because it means somehow enough taxes didn't get taken out, but ive been working for the same company and my pay is pretty much in line with what i was making last year. 1200 is like 100 bucks extra a month and i would know if they weren't taking enough out.

nelsona · Post by **nelsona** » Fri Apr 11, 2008 5:28 pm

So you did get full reward for your RRSP.