If you are hoping to maximize your tax return for the 2022 tax year, consider contributing any savings to an RRSP. Your contribution is deducted from your taxable income, potentially helping your tax return grow, or reducing what you will owe in income taxes. Tax returns can easily be used toward a down payment on a home!
If you’re wondering about contributing to an RRSP for this year’s tax return, there is still time! You have until March 1, 2023 for those funds to count toward your 2022 tax return.
Here is a handy calculator to help you figure out what your return might look like based on your income and RRSP contribution:
https://www.eytaxcalculators.com/en/2020-rrsp-savings-calculator.html
