Unfortunately, we need more information about the type of RRSP (individual, spousal, or group) you're interested in.
However, there are two advantages to contributing to your RRSP:
- The amounts contributed to your RRSP reduce your net income.
- The money you contribute to the RRSP and the investment in the plan are sheltered from taxes until you start withdrawing the money.
To know more about RRSPs, please visit the following TurboTax articles below:
RRSPs and Your Tax Return: The Bottom Line
Contributing to Spousal RRSPs
How do I enter RRSP contributions in TurboTax Online?
Thank you for using TurboTax.
