Which would reduce taxes the most for a high income earner (income over $100000)?
A)$4800 interest on a student loan
B)$4800 RRSP contribution
C)$4800 medical expenses
D)These would have the same effect.

Question

Quizplus · Accepted Answer

A $4800 RRSP contribution would reduce a high income earner's taxable income directly by the amount contributed, potentially offering the most significant tax reduction among the options listed. Contributions to RRSPs are deducted from your total income before taxes are calculated, effectively lowering the amount of income tax you need to pay.

Which Would Reduce Taxes the Most for a High Income