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Hello there
i was wondering if you could help me out with an question regarding RRSP's and tax refunds
If I am making 40 k a year and i invest 10,000 into an RRSP , in the gov't eyes my income total income earned is now 30 k
Would my tax refund be calculated @ my marginal tax rate of at 40 k at 31.4% =10,000 x .314 = tax refund 3140 OR at 30 k / year at 22% = 10,000 x 22 = 2200
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david ingram replies:
If your taxable income is $40,000 and you get to deduct $10,000 for any reason (rental loss - RRSP - RPP - Allowable Business Investment Loss (ABIL) - Alimony - Union Dues - Moving Expenses, etc) your tax refund is in the 32% range (depending upon your province).
Hope this helps
David Ingram of CARE REALTY
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
7th and Queensbury
North Vancouver, BC, CANADA, V7M 2H4
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
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