Registered Retirement Savings Plan Deduction - RRSP Deduction

Registered Retirement Savings Plan Deduction - RRSP Deduction

The amount that a Canadian taxpayer contributes to his or her RRSP. This amount can be deducted from the taxpayer's annual income to arrive at his or her taxable income for the year.

Notes:

The RRSP deduction amount is found on line 208 of the annual income tax return filed with Canadian Revenue Agency. As this is a tax deduction from personal income, it is advantageous for taxpayers to maximize the value of their RRSP deduction - as they minimize the amount of money that is subject to personal income tax.

See also: Canada Revenue Agency, Income Tax, Registered Pension Plan, Registered Retirement Income Fund - RRIF, Registered Retirement Savings Plan - RRSP, Tax Return