What is the Tax-deductible contribution for this new permanent resident: I am a new permanent resident and have recently moved to Canada in August 2021. I started working remotely for the Canadian company in June 2021, when I still lived in India. My salary is $119,000. I was also lucky enough to be granted $20,000 in company RSUs, which I received in September once I moved here. That puts me in a higher tax bracket. Im looking for ways to reduce my tax payable in my first year. I know that RRSP is a great way to reduce my taxes, and my employer offers a generous GRSP and RRSP matching benefit. Id like to take advantage of that!

If I were to contribute $20,000 into the RRSP, with some of the contributions coming from company matching, how much would that contribution reduce my overall Income?

i need to know how much would contribution reduce my overall Income? as in tax savings for ontario? what is the formula