Hi,
I'm just double checking here to make sure I am doing this right.
This year should be the year I catch up on unused contributions in my RRSP. I want to calculate how little of my money I can contribute, to get the maximum gross up loan for the contribution room I have (if that makes any sense...).
I also have an employer pension plan that is an RRSP, so that uses up some contribution room.
I made a calculator (
https://docs.google.com/spreadsheets/d/1R2iLSUBAcbnJrhYjkn7qLFZmb0ZkeVU5u86FkArJt0o/edit?usp=sharing).
I just did my taxes and the CRA website tells me I have 26 445,00$ available contribution room for 2017. My marginal tax rate is 37.12%
My Job+Employer contributions for 2017 should be of 5 645,28$, according to my job's employee website.
26 445,00$-5 645,28$=20 799,72$ would be my total contribution room minus my employer RRSP's contribution.
so by contributing 13 078,86$ and taking a 7 720,86$ Gross up loan I hit my 20 799,72$ contribution room
Does that make sense? Is there a better way to calculate this?
* edited because I made a mistake in the calculations.
Thanks!
J-S
