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Discussion Starter #1
Hi All,
I'm new to the forum and need some help.

I received severance after being laid off for the 2019 income tax year, about 10mths. I'm still unemployed so far for all of 2020, and don't expect my income for this year to be close to the combined income (salary + severance) even if I find a job, nor any future foreseeable income.
My salary plus severance for 2019 put me up at the 41% tax bracket.
I contributed a large portion of my severance to RRSP for 2019 year. I worry about how much I should claim and carry forward, as I don't need the money at this time.

Any advice?
 

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Hi All,
I'm new to the forum and need some help.

I received severance after being laid off for the 2019 income tax year, about 10mths. I'm still unemployed so far for all of 2020, and don't expect my income for this year to be close to the combined income (salary + severance) even if I find a job, nor any future foreseeable income.
My salary plus severance for 2019 put me up at the 41% tax bracket.
I contributed a large portion of my severance to RRSP for 2019 year.
I worry about how much I should claim and carry forward, as I don't need the money at this time.

Any advice?
... ???? If I'm understanding your post correctly, you want to be in the lower tax bracket(s) so deduct as much as you can to bring it down to the next bracket (or 2) so you won't have to pay further taxes.

Not sure you want to save the the contributions or carry it forward for 2020 considering you're not expecting any income for the year ... and if you can foretell what your income will be in the future.
 

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Discussion Starter #3
Sorry I maybe miscommunicating likely becauseI'm not well versed with taxes specifically when I contributed to my full contribution room.

The two outcomes I see are: 1. I can claim all the contributions and get a larger refund for investing in my portfolio or 2. claim just enough for future and being in the lower bracket as you mentioned. Carry forward seems to be the safer option but wondering if there's a better reason to claim all of my contributions for 2019?
 

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^ Only you can decide whether to go with door #1 or door #2 above since you know (or should know) your overall finances best.
 
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