I am in school. I worked a little during the summer and I have a renter in a home I purchased. The rent is barely covering the mortgage but on paper, it looks like I made 35, 000, so I owe a couple of thousand. I have some money saved. Should I purchase RRSPs to lower my taxable income or just pay the government what is owed?
Strictly from a tax perspective, a registered retirement savings plan (RRSP) contribution now may be advantageous if your income level and tax rate now are higher than what you expect they will be at the time of your RRSP withdrawals.
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