Confused about the Tax Returns. Income of 180K, available RRSP room is 36K - should I max out or pay off mortgage (at 5.5% outstanding 590K)

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Max your RRSP and use the tax refund to do a lump sum on your mortgage. It won’t be material to your mortgage but better to do that as you build future wealth on a tax deferred basis.

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Thank you very much for sharing this, Turbo Tax and Wealth Simple showing only 8k in returns confused with both now

Are you self employed or claiming every single deduction/credit/expense? (ie disability tax credit, medical expenses, business expenses…)

There are all sorts of tax deductions. You can read about them on the Canada Revenue Agency website or speak to an Accountant. Yes, you can have a T4 income and be self employed at the same time.

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