You may be eligible to claim, on your provincial and federal tax return, a non refundable tax credit of 15% (to a maximum of $750) if you contributed to a Labour-sponsored fund (the contributions you make to the fund can also be used as regular RRSP deductions). This tax credit is particularly advantageous for older persons who are still actively employed and who earn a higher income. Check the applicable restrictions for information on qualifiying for this credit and future redemption of funds.
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