Registered Retirement Savings Plan Deduction - RRSP Deduction


DEFINITION of 'Registered Retirement Savings Plan Deduction - RRSP Deduction'

The amount that a Canadian taxpayer contributes to his or her RRSP. This amount can be deducted from the taxpayer's annual income to arrive at his or her taxable income for the year.

BREAKING DOWN 'Registered Retirement Savings Plan Deduction - RRSP Deduction'

The RRSP deduction amount is found on line 208 of the annual income tax return filed with Canadian Revenue Agency. As this is a tax deduction from personal income, it is advantageous for taxpayers to maximize the value of their RRSP deduction - as they minimize the amount of money that is subject to personal income tax.

  1. Income Tax

    A tax that governments impose on financial income generated by ...
  2. Registered Pension Plan - RPP

    A form of a trust that provides pension benefits for an employee ...
  3. Registered Retirement Income Fund ...

    A retirement fund similar to an annuity contract that pays out ...
  4. Tax Return

    1. The tax form or forms used to file income taxes with the Internal ...
  5. Registered Retirement Savings Plan ...

    A legal trust registered with the Canada Revenue Agency and used ...
  6. Canada Revenue Agency - CRA

    A federal agency that collects taxes and administers tax laws ...
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