My bonus was transferred directly into my RRSPs. I used this contribution as a deduction against my 2013 income. Now it looks like I owe tax money in 2014?
My 2014 taxable income consists of my bonus from 2013 (paid in early 2014) + income from 2014. I took my bonus an transferred it directly into my RRSPs and claimed this against my 2013 income (as a result I received a refund in 2013).
For 2014 my 2014 T4 states my income as my bonus from 2013+income from 2014 however my return is indicating that I owe taxes. I am not sure I understand why I owe taxes when my bonus is sitting in RRSPs?