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Written by J.P. Wicklein
Assuming you meet certain requirements, the federal government will provide you with a tax credit as a result of your retirement savings contributions. Known as the “Retirement Savings Contribution Credit”, this tax credit was designed to assist lower income individuals with saving for retirement. If you qualify, you will be provided you with a tax credit of up to $1,000 for single filers and up to $2,000 for joint filers.
