Did you know?
Registered retirement savings plans (RRSPs) are one of the most popular investment vehicles for Canadians. Contributing to an RRSP is one way to reduce the amount you owe at tax time.
-- The amount you can contribute to your RRSPs each year without tax implications is determined by your RRSP deduction limit, also called your contribution room. Find your deduction limit for 2013 on your 2012 notice of assessment.
-- The most recent information about your RRSP deduction limit is also available online through My Account at www.cra.gc.ca/myaccount.
-- If you are not registered to use My Account, you can get your RRSP deduction limit by using the Quick Access service at www.cra.gc.ca/quickaccess.
-- Be cautious of offers that say you can make tax-free withdrawals of RRSP funds. Offers that sound too good to be true usually are. To protect yourself, read about RRSP tax-free withdrawal schemes.
The CRA's online services are fast, easy, and secure. You can use them to file your income tax and benefit return, make a payment, track your refund, and more. Sign up for direct deposit too! Your refund and any benefit or credit payments owed to you will be deposited directly into your account, putting your money in your pocket faster. For more information, go to www.cra.gc.ca/getready.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Noel CarisseMedia Relations Canada Revenue Agency613-952-9184 Source: Canada Revenue Agency