Optimizing your RRSPs

This feature is not available in TurboTax Online Free. To add this feature, upgrade TurboTax.

This feature is not available in TurboTax Basic. To add this feature, upgrade TurboTax.

Enter your income and your RRSP contributions and 2023 RRSP deduction limit.

The RRSP Optimizer lets you see the effect of making different levels of RRSP contributions.

From the Tools menu, click RRSP Wizard.
Tip: Shortcut - click on the task bar.
Continue through the RRSP section of the interview until you reach the RRSP Optimizer screen.
Try different scenarios in the Optimizer and watch the results in the Refund field.
- In the Additional RRSP Contribution Sliders section, click the slider bar and move it side to side; or
- Enter an amount directly in the Additional Contribution field; or
- Click Maximize my Refund to have TurboTax automatically calculate the most optimal contribution.

IMPORTANT! This tool is for planning purposes only. Changes made with the optimizer are not real contributions and nothing is transferred to your return. The tool is intended only to show you how your return could be affected if you made similar donations to a real RRSP.

Note:

If you decide to make additional RRSP contributions for the 2023 tax year before March 1, 2024, you must enter the new contributions in the T-slips and Receipts entry screen.