Which would reduce taxes the most for a high income earner (income over $100,000)?
A)Deduct $2400 interest on your investment loan
B)Make a $4800 RRSP contribution
C)Claim $4800 in medical expenses
D)Claim $4800 for your spouses education amount

Question

Quizplus · Accepted Answer

Making a $4800 RRSP contribution would reduce taxable income the most for a high income earner as it is a tax-deductible contribution. The other choices are deductions or credits but do not have as significant of an impact on reducing taxable income.

Which Would Reduce Taxes the Most for a High Income