Your Registered Retirement Savings Plan (RRSP) contribution is deducted from your total income for the year. Even if you have separate sources of income, your “taxable income” for the year is the total of all your income combined.
Your RRSP deduction limit is based on your earned income and any unused contribution room you have carried forward from previous years. Learn more about making RRSP contributions on GetSmarterAboutMoney.ca.
Speak to a financial representative or tax professional to learn more about contributing to an RRSP and to learn about other deductions and credits that may be available to you.