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Should I put my bonus into my RRSP?

Asking your employer to deposit your bonus directly to your RRSP can result in your full pre-tax bonus being invested right away. But watch out. If you do this in the first 60 days of the year, you get to claim the deduction on your previous years tax return. But the bonus is taxable in the year that it is received.

Should you contribute your bonus to RRSP?

Directing your bonus to your RRSP allows you to invest pre-tax income, separating it from your taxable income before the government takes a big bite out of it. As the investments within your RRSP account grow over the years, any dividends, interest and capital gains that they accumulate are not taxed.

How are bonuses taxed in Canada?

Bonuses are considered supplemental income, which simply means money you earn over and above your regular paycheque. In Canada, this supplemental income is subject to income tax, just like your regular salary.

What should I do with my bonus Canada?

Did you get a bonus? Even if this amount is added to your gross income on your tax return, investing it in an RRSP could help you reduce your taxes for the current year. A maximum contribution limit is set each year, so be sure to check it and factor it into your financial plans.

How do I avoid taxes on my bonus check Canada?

A note about bonuses, RRSPs and taxes So, a February 2024 bonus is taxable in 2024, even though it may be tied to 2023 performance by the employee or the company. If you direct your bonus to an RRSP, no taxes will be withheld.

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