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RRSP Contributions Can Help You Save Taxes Now
Let's assume your annual earned income is $75,000. If you make no contribution to your RRSP, your immediate tax bill will be $22,453.
Alternatively, if you contribute say $1,000 a month or $12,000 per year to your RRSP, you'll decrease your taxable income this year by $12,000 and pay just $17,317 to the government.
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