Lindsay made a Registered Retirement Saving Plan (RRSP) contribution based on her CRA Notice of Assessment, which shows her the RRSP deduction limit (i.e. how much she can contribute note: her RRSP carry-forward amounts are nil as she has always maximized her annual contributions). She will claim the maximum contribution as a deduction in her 2019 personal income tax return.

If she is in the highest marginal tax bracket, what will be her refund? (ignore Non-Refundable Tax Credits)

TABLE A 2019 Combined Federal and Quebec Personal Income Tax Brackets and Tax Rates 2019 Tax 2019 Taxable income 2019 Taxable income Rates 2019 Tax Rates first $43,790 27.53% 45.71% over $43,790 up to $47,630 32.53% 47.4696 over $95,259 up to $106,555 over $106,555 up to $147,667 over $147,667 up to $210,371 37.12% 49.9796 over $47,630 up to $87,575 over $87,575 up to $95,259 41.1296 over $210,371 53.31% TABLED Registered Retirement Savings Plan (RRSP): Annual Limits Year Contribution limit 2015 $24,930 2016 $25,370 2017 $26,010 2018 $26,230 2019 $26,500 2020 $27,230 TABLE A 2019 Combined Federal and Quebec Personal Income Tax Brackets and Tax Rates 2019 Tax 2019 Taxable income 2019 Taxable income Rates 2019 Tax Rates first $43,790 27.53% 45.71% over $43,790 up to $47,630 32.53% 47.4696 over $95,259 up to $106,555 over $106,555 up to $147,667 over $147,667 up to $210,371 37.12% 49.9796 over $47,630 up to $87,575 over $87,575 up to $95,259 41.1296 over $210,371 53.31% TABLED Registered Retirement Savings Plan (RRSP): Annual Limits Year Contribution limit 2015 $24,930 2016 $25,370 2017 $26,010 2018 $26,230 2019 $26,500 2020 $27,230