Hi, I transferred $11500 to my RRSP account from my annual bonus of $13125, and my employer deducted $669.38 as CPP and $212.63 EI $550.74 as income tax is that correct?
Hi, I transferred $11500 to my RRSP account from my annual bonus of $13125, and my employer deducted $669.38 as CPP and $212.63 EI $550.74 as income tax is that correct?
I believe it's right since I have not maxed out my CPP EI room for 2019 but I don't seem to find and CRA guidlines to support this.
What implication would it have if I had decided to put complete amount to RRSP ?
Hi, I transferred $11500 to my RRSP account from my annual bonus of $13125, and my employer deducted $669.38 as CPP and $212.63 EI $550.74 as income tax is that correct?
Your employer is required to deduct CPP and EI premiums from your pay (salary or bonus) regardless of whether any part of this payment is then transferred to an RRSP. With regards to the RRSP contribution, the actual deductible portion for the year will be subject to your RRSP contribution limit for the year (as shown in last year's notice of assessment).
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