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April 29, 2021
Question

Why is TurboTax estimated Tax Refund for RRSP FAR LOWER than all online calculators?

  • April 29, 2021
  • 1 reply
  • 0 views

Hi,

 

My case is very simple. I earn $275,000 as a full time employee in BC. I have no other income, no deductibles (other than RRSP), no child or other benefits. My RRSP contribution is $27,230. Shouldn't the tax refund on that be around $13,500 (roughly 50%)?

 

All online calculators (including EY and other reputable ones) confirms the above. TurboTax calculator gives back HALF OF THAT $7,308!

 

It's basic math.. I am at the highest bracket.. All my RRSP contribution is above the highest bracket. The highest bracket is at 53.5%.. So quick math should be around 50% refund, right? What am I missing?

 

Thanks, 

 

Sam

1 reply

Critter-3
April 29, 2021

This is the US forum....

 

Here is the Canada website
http://turbotax.intuit.ca/tax-software/index.jsp 

TT Canada Forum
https://turbotax.community.intuit.ca/tax-help

                       

TurboTax Canada Support 

https://support.turbotax.intuit.ca/contact/