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[Solved] Should I put $ into RRSP for 2017?

  • Last Updated:
  • Feb 9th, 2018 7:37 pm
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[OP]
Jr. Member
Dec 7, 2016
106 posts
35 upvotes

[Solved] Should I put $ into RRSP for 2017?

Time is running out for this. Small biz owners, income last yr was about $45K for both of us. We get CPP and I get OAS on top of what the biz made. We can put about $600 each into an RRSP but is it worth it? How do I decide? I have the money but is it a good idea at this stage of the game? Thanks!
Last edited by titaniumtux on Feb 9th, 2018 2:49 pm, edited 1 time in total.
Reason: Tagged as solved
3 replies
Jr. Member
Feb 8, 2018
126 posts
41 upvotes
I would not because
a) little to nothing tax advantage with income $45,916 or less
b) when you are 71 yo RRSP converts onto RRIF means minimum amount must be paid to you in the year following the year the RRIF is entered into
Deal Addict
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Dec 14, 2007
3102 posts
1515 upvotes
funkynassau123 wrote: Time is running out for this. Small biz owners, income last yr was about $45K for both of us. We get CPP and I get OAS on top of what the biz made. We can put about $600 each into an RRSP but is it worth it? How do I decide? I have the money but is it a good idea at this stage of the game? Thanks!
45K each, or 45k combined?

Either way, you're practically in the lowest tax bracket. If your TFSA isn't maxed, put money into that instead.

$600 will defer $132 you will have to pay later when you withdraw later at likely the same tax bracket.
I'd love to write history... in advance.
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[OP]
Jr. Member
Dec 7, 2016
106 posts
35 upvotes
TFSAs are maxxed. $45K combined, it's a part time biz. This is also before expenses are deducted, so there's a good chance no tax will be due.

Thanks for your reply!

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