I would not recommend this it. It will only depress you!
Originally Posted by none
Knowing the "RRSP contributions" are not 100% RRSP contributions but 69% RPP with only the remaining 31% RRSP contributions, the lower refund makes more sense.
Originally Posted by Nerd Investor
The RPP amounts are not subject to payroll taxes so there's no potential of a refund. The RRSP amounts are from the company plan, which means the company can adjust the withholding amount without any issues as the RRSP receipt being deducted will offset the withholding tax that would usually have been charged.
When I get time I will have to play with some scenarios to see if there is some sort of buffer. In theory, if the withholding is exactly tied to income as well as the Group RRSP contributions - there should be no refund at all as the withholding tax wasn't taken for either source. It is driven off of what CRA sets so there might be a buffer.
Unless there are other credits/deductions such as charitable donations or similar that are the source of the refund.
I wouldn't consider that a bad thing. So many seem to think the goal is to get a tax refund, but that just means the government had your money all this time. It's a psychological thing, I guess. I prefer to have a little bit owing at tax time.
Originally Posted by Congo
Review of my post
Mods: I've posted a comment here over 1 week ago. Why is my comment not being reviewed and accepted?