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 27.5% to 53.35% depending on your marginal tax rate.
*The tax credits granted to the shareholders of the Fonds are 15% at the federal level and 15% at the provincial level. Tax credits are capped at $1,500 per fiscal year, which represents a $5,000 purchase of shares of the Fonds de solidarité FTQ.