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this post was submitted on 06 Apr 2024
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That is how the RRSP is designed to work. She got all those taxes refunded for decades so now she can pay a lower taxable amount than she would have earlier.
And if she’s using it for $500 a month, the taxes on that are going to be very low, not a “good portion”.
The article is written in a very misleading way. 10-20% could be seen as a "good" portion, but it will be returned in the next year since 6K a year will be in the lowest tax bracket.
Most banks default to 10% tax deducted at source. Clients can tell the bank to take more or less, but you're right, she should be getting back almost of it (if not all of it) when she files.