Difference between revisions of "How Can I Save on My Taxes?"
Jump to navigation
Jump to search
Drew Jackson (talk | contribs) |
Drew Jackson (talk | contribs) |
||
| Line 72: | Line 72: | ||
===Registered Retirement Savings Plan (RRSP)=== | ===Registered Retirement Savings Plan (RRSP)=== | ||
A ''Registered Retirement Savings Plan'' or RRSP allows you to delay some of your taxes. You can open a RRSP at a bank, credit union or investment company. You can contribute to your RRSP at any time during the year. You <span class="noglossary">claim</span> the amount of your RRSP contribution as deduction on your income tax return. | A ''Registered Retirement Savings Plan'' or RRSP allows you to delay some of your taxes. You can open a RRSP at a bank, credit union or investment company. You can contribute to your RRSP at any time during the year. You <span class="noglossary">claim</span> the amount of your RRSP contribution as a deduction on your income tax return. | ||
The amount you can contribute is shown on the ''Notice of Assessment'' you get from the government each year after you file your taxes. By the end of February of each year, your bank, credit union, or investment company will provide you with a receipt for your RRSP contributions in the previous year. You <span class="noglossary">claim</span> the amount as a deduction on your income tax return. | The amount you can contribute is shown on the ''Notice of Assessment'' you get from the government each year after you file your taxes. By the end of February of each year, your bank, credit union, or investment company will provide you with a receipt for your RRSP contributions in the previous year. You <span class="noglossary">claim</span> the amount as a deduction on your income tax return. | ||