This is my first year filing taxes with an RRSP and I am so very confused right now, so I apologize if this is a silly question...
My income for 2015 was $36k and I contributed about $2100 to an RRSP. My deduction limit for 2015 is $1664 according to my 2014 notice of assessment, based on an income last year of $7400. When I enter the RRSP information, this shows as a balance owing for 2015 of nearly $300. My understanding of the process is that my deduction limit is based on my 2015 income. So why is my limit so low?
The first $200 or so was contributed in the first 60 days of 2015, I entered it as such (not on 2014 T4), and the rest as after the first 60 days. I put in line A as it shows on my NoA. Have I entered something wrong or have I actually gone over my limit and have a balance owing? :(
Thanks!
