How much RRSP to purchase?

You need to review the clients NOA or access their CRA account to see what available room they have for their RRSP deduction limit.

Hi SJNorman,

When client have lots of RRSP room but wants to know how much RRSP he needs to buy to avoid paying taxes on the return? 

Thank you.

HB

Hello,

You can play around with the numbers. But as of right now it is too late to get more RRSP's for the 2024 tax year as it is beyond the first 60 days of the year.

I know how to look for RRSP room and I know that it is too late to buy RRSP for 2024 now. My question is how to calculate how much RRSP to purchase in order to pay less taxes. Is there a way to do so? Thank you very much in advance.

HB 

As SJNorman said in his previous comment, you can play around with the numbers. Go to the RRSP sheet where you enter contributions and enter various amounts of contribution to see how it affects the amount of tax owing.

Thank you Idres!

HB