REVscene Automotive Forum - View Single Post - Would I get my Tax Refund? Student Need Help!!! Tax Expert Welcome

4444 · 08-22-2011, 12:03 PM

you'll likely have leftover credits at this rate (hard to know based on what you've said)

i wouldn't be putting into an RRSP yet on the basis that your income should start increasing significantly, so why get 20% of your RRSP contributions back when in a couple of years you'd get a 40% back (as your marginal rate would be 40% when you earn $$$)

put any money into a TFSA first... if you MUST invest, you can always put money into an RRSP (once you've maxed out the TFSA), but you don't HAVE to take the deduction in the year - you can defer (is it sch 7? think so) if you know you'll pay a higher marginal rate in the next year or two (depends on your time value of money/needs)

08-22-2011, 12:03 PM	#4
4444 I contribute to threads in the offtopic forum Join Date: Jun 2006 Location: not vancouver Posts: 2,642 Thanked 1,941 Times in 765 Posts Failed 532 Times in 202 Posts	you'll likely have leftover credits at this rate (hard to know based on what you've said) i wouldn't be putting into an RRSP yet on the basis that your income should start increasing significantly, so why get 20% of your RRSP contributions back when in a couple of years you'd get a 40% back (as your marginal rate would be 40% when you earn $$$) put any money into a TFSA first... if you MUST invest, you can always put money into an RRSP (once you've maxed out the TFSA), but you don't HAVE to take the deduction in the year - you can defer (is it sch 7? think so) if you know you'll pay a higher marginal rate in the next year or two (depends on your time value of money/needs)