I had a 60k scholarship last year, with additional 3500 in earnings. My RRSP deduction limit was only based off the 3500, so it is only $600. Are scholarship earnings not counted toward earned income for RRSP purposes? Also, I had to use a lot of tuition tax credits to reduce my taxable income last year (and managed to get a good tax return). Am i missing anything? I would like to contribute 10k to my RRSPs this year but because my earnings were in the form of a scholarship my deduction limit is very low.
RRSP contribution limits are based on earned income from the previous year so your scholarship income will not be included in the RRSP contribution limit calculation.
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