Tax Deductions for Working Professionals in Canada 🇨🇦 🇨🇦RRSP Contributions - Your Biggest Deduction This is the most powerful deduction available to you. Every dollar you put into your RRSP reduces your taxable income dollar-for-dollar. If you’re making $80,000 and contribute $10,000 to your RRSP, you only pay tax on $70,000. You can contribute up to 18% of last year’s income (check your Notice of Assessment for your exact limit). The deadline for this year is March 2. 🇨🇦Home Office Expens
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