DCPP vs RRSP. Do DCPP contributions are treated the same as RRSP? both of them reduce taxable income? Do both run in the same period - March 1,2020 to Feb 28, 2021?
DCPP vs RRSP. Do DCPP contributions are treated the same as RRSP? both of them reduce taxable income? Do both run in the same period - March 1,2020 to Feb 28, 2021?
DCPP vs RRSP. Do DCPP contributions are treated the same as RRSP? both of them reduce taxable income? Do both run in the same period - March 1,2020 to Feb 28, 2021?
Thank you for your question.
Defined contribution pension plans are not treated the same as RRSP's. RRSP contributions are deductible from your taxes, while DCPP contributions are not. Also, contributions to a DCPP can reduce your RRSP contribution room.
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