First benefit: Tax credits
With the RRSP+, you’re eligible for two tax credits that, when combined, add up to 30% in tax savings.* The maximum contribution amount eligible for tax credits is $5,000 per year, per person, which represents an additional tax savings of $1,500 ($750 at the Quebec provincial level and $750 at the federal level).
Second benefit: Basic RRSP tax deduction
You’ll also benefit from the tax deduction for which all RRSP holders are eligible. These tax savings vary from 28.5% to 53.35% depending on your marginal tax rate.