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New Member
posted May 1, 2022 5:38:11 PM

Should I write yes or not in the question Did you make contributions to a retirement plan such as RRSP? I have been discounted on my paytube CPP as part of my taxes

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Moderator
May 3, 2022 3:48:50 PM

An RRSP contribution is different from the CPP that is taken off your pay cheque. 

 

The Canada Pension Plan (CPP) is a monthly, taxable benefit that replaces part of your income when you retire. If you qualify, you’ll receive the CPP retirement pension for the rest of your life. This Canadian government website has more information: CPP Retirement Pension - Overview

 

A Registered Retirement Savings Plan (RRSP) is a retirement savings plan that you establish, that is registered with the government, and to which you or your spouse or common-law partner contribute. The savings in an RRSP account can be used during retirement, to buy a house, fund your education, or for other uses. If you make an RRSP contribution, you can claim it on your tax return to help reduce your taxes owing. This Canada Revenue Agency (CRA) website has more information: Registered Retirement Savings Plan (RRSP)