Most of us should be getting a clearer picture of our 2024 incomes as we head into autumn, and that could bring tax-saving opportunities to investors.
ByAs the deadline for registered retirement savings plan contributions approaches, one tax expert said it is possible for Canadians to have too much of their savings in a RRSP.
It all depends on your expected income for 2024. That includes the regular tally on pay stubs from your employer and any side-gig you might have. In comparison, the marginal tax rate of about 30 per cent for income over $45,000 would result in a refund of $1,800 on a $6,000 contribution.There are lifetime limits on RRSP contributions but over-contributing could have big tax drawbacks even if you stay well below those limits, and you might want to hold off on any further contributions; at least for now.
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