Hi,
My case is very simple. I earn $275,000 as a full time employee in BC. I have no other income, no deductibles (other than RRSP), no child or other benefits. My RRSP contribution is $27,230. Shouldn't the tax refund on that be around $13,500 (roughly 50%)?
All online calculators (including EY and other reputable ones) confirms the above. TurboTax calculator gives back HALF OF THAT $7,308!
It's basic math.. I am at the highest bracket.. All my RRSP contribution is above the highest bracket. The highest bracket is at 53.5%.. So quick math should be around 50% refund, right? What am I missing?
Thanks,
Sam
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This is the US forum....
Here is the Canada website
http://turbotax.intuit.ca/tax-software/index.jsp
TT Canada Forum
https://turbotax.community.intuit.ca/tax-help
TurboTax Canada Support
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