Keep More Of Your Money
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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The information contained herein is considered accurate at the time of posting. CIBC and CIBC World Markets Inc. reserve the right to change any of it without prior notice. It is for general information purposes only.
Clients are advised to seek advice regarding their particular circumstances from their personal tax advisors.
* Figures based on 2002 tax rates in Ontario.