Hey all,
I have a question about using RRSP's to lessen the burden of income tax.
Can you throw money into RRSP's before the deadline, do your taxes, then withdraw the money out of the RRSP after filing taxes?
I realize RRSP will be taxed when withdrawn, but I believe it's only 10% if under $5000 but the tax "credit" is closer to 30%?
I've never really used RRSP's, I usually just put money into my TFSA.
My income has increased in the last couple years and I've been stung by the tax man a bit. Anything to lessen the pain will help.
Thanks in advance for any help!