To find out the amount of owing that has been affected due to different RRSP contribution levels, you must follow all the steps mentioned below: -
- First of all, you need to complete all steps which are personal information, and income then you will reach the RRSP section.
- Now, here it will ask you for your RRSP deduction limit for 2021 which can be found on your RRSP deduction limit statement, and if you are not able to find out then you can either find it online in CRA's online service My Account or you can call Tax Information Phone Service (T.I.P.S.) at 1 800 267-6999.
- Once you enter your RRSP deduction limit you should click on "continue" and after that, it will take you to the new page named "your name: RRSP contributions".
- Here, you will have to enter your name, contribution period, and contribution amount that you paid during the selected contribution period. You can change the contribution amounts if you want to experiment and check your owing amount.
- Then click on the "Done with RRSP" options and do it again once you arrive at the next page.
- You are reached at the page named RRSP calculator, and here you can change the RRSP additional contribution amount if you want to experiment. You will be able to see additional tax savings according to changes in contributions.
- After that, click on "Continue" and the RRSP contribution page will appear on the screen where you can see the summary amounts.
- For the tax amount owing or tax refund, you just have to look on the left side of the screen which is the black section, and this amount is written on the top of that side and it will change according to the amount entered by you previously.
TurboTax can help with our Canada RRSP Calculator 2021
For more information, please see our TurboTax article Make Tax Preparation Easier With TurboTax’s RRSP Optimizer.
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