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Annual Registered retirement savings plan contributions not only help Canadians save for retirement, but they are also tax deductible. Contributions can be deducted from taxable income when filing your tax return, meaning you can end up paying less taxes and saving more money. You may get anywhere from 20 per cent to 50 per cent of your RRSP contributions back as an income tax refund based on your marginal tax rate.

Use the RRSP Tax Savings Calculator to find out your marginal tax rate, based on your province of residence, and determine how much tax savings your annual RRSP contribution will generate.

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