Of course you can’t talk about income tax brackets without thinking about registered retirement savings plans (RRSPs). The contribution limit increased from $29,210 in 2022 to $30,780 for tax year 2023. Having said that, your contribution limit is still capped at 18% of your earned income unless you have carry-forward room.
Keep in mind that you have 60 days after the end of the year to make your RRSP contribution for the previous year. That means that February 29, 2024 is the last day to make a RRSP contribution for the 2023 tax year. Any contributions after this date will need to be claimed on your 2024 return.
Recent Comments