M R asked in Business & FinanceTaxesCanada · 2 months ago

Using proceeds of home sale towards RRSP. Will this reduce my taxable income?

For example if I make $100k salary, and sell my primary residence, and take $30k from the proceeds and put them towards my RRSP. Will my taxable income become $70k? Resulting is a large tax refund. Just wondering if home sale money can be used like this ? 

Thanks 

1 Answer

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  • 3 weeks ago

    Keep in mind...there are taxes on your $100K salary, or is that your NET salary after tax? IF you have room to put $30K into your RRSP, I don't see any reason why you can't. 

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