Advice on bonus

Taxes

TA account.

New to Canada and personal finance. Apologies if the question is dumb.

I received a bonus for the first time in my life this year but I am not sure if I handled it smartly. I had an option to take it all as part of my pay cheque but since I would have to pay taxes on it, I chose to let it go to my RRSP managed by my employer’s plan. I had also opened an FHSA last year and my plan was to transfer this bonus from my RRSP to the FHSA to meet this year’s limit of $8000. When I googled, it showed that it can be done. But the accountant who filed my taxes said it cannot be done. Is this a good plan?

I don’t have any extra money to deposit into the FHSA so I risk losing this contribution room if I don’t transfer.

Another dumb question just to make sure that I understood the concept of RRSP correctly - suppose my bonus was $8000, and if I had taken it as paycheck I may get $4000 after tax (just as an example). Now if I deposit that $4000 into my RRSP, I would get back half the tax amount (tax on the $4000), right? In short, it makes more sense to let it go to RRSP directly instead of the bank account. Is this thinking correct?

Posted Jul 9, 2025, 4:08 AM UTC

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