How to maximize tax refund with RRSP

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brown_bear
Member since: Nov 06

Posts: 542
Location: Somewhere in dreamland
Post ID: #PID

Posted on: 10-02-16 12:12:46

My salary for year 2015 was 105K and my wife's salary was 25K.

We have one kid.

Province of residence: Ontario

How much should we each contribute to RRSP to maximize our tax refund?

Pramod Chopra
Member since: Sep 03

Posts: 1284
Location: Pickering, ON
Post ID: #PID

Posted on: 10-02-16 14:38:01

Your wife does not need to contribute any thing to RRSP. The total contribution should be done by you as you are in much higher tax bracket so you can get maximum tax refund. Depending on your contribution room available and the amount available for investment you should be contributing either in your own RRSP or spousal RRSP wherein you would contribute and your wife would be the owner and annuitant of the RRSP and you would be the beneficiary.

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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

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Charcha

How to maximize tax refund with RRSP

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