Can I Contribute to My RRSP to Reduce Taxable Income for CRB Repayment?

[BrandenMurphy]

If I contribute to my RRSP and reduce my taxable income, that will in turn reduce the amount used for the $38,000 repayment calculation for CRB?

I am just wondering what methods are available to keep the CRB amounts I have received!

Thanks

[mohamed_96]

Thank you for your question.

The CRB repayment threshold is based on Net Income, not Taxable Income. However, contributing to your RRSP lowers your net income so ultimately you can contribute to your RRSP for this purpose.

For more information, please see the link below:

RRSPs and Your Tax Return: The Bottom Line

If you have any questions, you can contact our phone support team or contact us via private chat on Facebook or Twitter.