FAQ: How are RRSP Refunds Treated on the Platform

RRSP refunds are captured in the same tax year. So an RRSP contribution/deduction in 2024 would decrease taxable income in 2024 and result in lower tax owing in 2024.

The reality is the timing for some people may be a bit different depending on whether or not the RRSP contribution creates a refund but the platform does year by year calculations based on tax year.