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Question

When I enter a RRSP Contribution of $3200 the summary and deduction equates to $800. I have a $44000+ deduction limit. What happened to the remaining value?

Forum|Forum|3 years ago
March 23, 2023
1 reply
0 views

Am I missing something or is this an error?

danielle_sheahan

Hi there,

Thanks for your question. The $800 refund is because you have reduced your taxable income by $3200, and therefore you owe less taxes. Your deduction limit is the maximum amount you CAN deduct from your taxable income, but if you made $3200 in contributions this year, that is how your annual deduction is calculated. So if you actually contributed $44,000 to your RRSP this year, then you would be able to reduce your taxable income by $44,000, resulting in a higher overall refund.

Thanks for choosing TurboTax!

Danielle