How to use RRSP contributions to maximize the Canada Child Benefit (CCB) and other government benefits

How to use RRSP contributions to maximize the Canada Child Benefit (CCB) and other government benefits

What benefits can I increase by making RRSP contributions? RRSP deductions are a beautiful thing. First there’s the normal reasons: You get a tax refund for the amount at your highest marginal tax rate, and when you withdraw the amount later in life you’ll likely be in a lower tax bracket, so you save tax overall. But they’re not that simple. These additional points make RRSPs an important weapon in your financial planning arsenal: RRSP deductions lower your net income for the year, potentially boosting the amount of means-tested government benefits you may be eligible for. If you don’t use…