  RRSP Deduction (Schedule 7) |
The keyword RRSP allows you to enter RRSP/PRPP/VRSP contributions. When you first enter RRSP, select the taxpayer's own or spousal plan. Then use the keyword RRSP-Contrib to enter the RRSP contributions.
Pooled Registered Pension Plan (PRPP/VRSP)
A pooled registered pension plan (PRPP/VRSP) is a new, accessible, straightforward retirement savings option for employed and self-employed individuals who do not have access to a workplace pension plan or where a workplace pension plan does not exist.
Generally, there are four different types of RRSP information.
The first type indicates how much a taxpayer can contribute to a RRSP. There is the eligible contribution amount for the current year, calculated in reference to earned income for the previous year, and there is the uncontributed eligible amounts from previous years (amounts never contributed to an RRSP), known as RRSP room. These amounts are entered with Elig-Room. See that keyword for details.
The second type of information tells the user how much the taxpayer did or did not contribute. Undeducted RRSP contribution premiums from previous years or from the first sixty days of the current taxation year are entered with Undeducted-Contr. See that keyword for details.
The third type of RRSP information is for taxpayers who have contributed to the RRSP Home Buyers' Plan (HBP). See RRSP-Home for more details.
The fourth type of RRSP information is for taxpayers who have contributed to the RRSP Lifelong Learning Plan (LLP). See RRSP-LLP for more details.
DT Max will transfer RRSP transferable amounts (rollovers), first to the spousal plan and then to the taxpayer's own plan. Rollovers (except direct transfers) can be limited with the keyword RRSP-To-Deduct. Then, DT Max will deduct as much as the taxpayer's contribution room will allow, using the oldest room first up to the most recent RRSP eligible amount.
The following options are applicable for the keyword RRSP.
Own plan
Spousal plan
Room & limit
Enter the current year contributions with the relevant option(s).
The following options are applicable for the keyword RRSP-Contrib.
March - December ( 2023 ) RRSP contributions made from March to December of the current year.
January - February ( 2024 ) RRSP contributions made from January to the end of February of the following year.
MEMO ( January - February / 2023 ) This option is used as a reminder only. These are the RRSP contributions made from January to the end of February of the current year.
If any portion of these contributions have not been deducted in the previous year, enter the undeducted amount with the keyword Undeducted-Contr and option " Undeducted premiums- Jan-Feb this year." If no amount is indicated with Undeducted-Contr for undeducted premium for Jan-Feb this year, DT Max will consider these contributions to have been deducted in the previous year will not claim a deduction in the current year for these contributions.
 See the Taxnet Pro™ T1 Line-by-Line Guide (subscription required):
Line 20800 - RRSP deduction (Schedule 7)
 See the CRA's general income tax guide:
Line 20805 - FHSA deduction
Enter the RRSP/PRPP issuer name
Enter the contributions made to a Saskatchewan pension plan (SPP). DT Max will calculate the deduction and print it on line 20800 of the income tax return.
Effective January 29, 2018, the annual maximum SPP contribution was raised to $6,000 for the 2017 tax year. The maximum contribution is indexed to the Year's Maximum Pensionable Earnings (YMPE) and will change January 1 each year. SPP contributions are subject to RRSP contribution rules.
The following options are applicable for the keyword SaskPenPlan.
March - December (2023 ) RRSP contributions made from March to December of the current year.
January - February (2024 ) RRSP contributions made from January to the end of February of the following year.
See the Taxnet Pro™ T1 Line-by-Line Guide (subscription required):
Line 20800 - RRSP deduction (Schedule 7)
See the CRA's general income tax guide:
Line 20805 - FHSA deduction
Enter the RRSP/PRPP issuer name
Enter the contributions made to a Saskatchewan pension plan. DT Max will calculate the deduction and print it on page 3 of the income tax return.
The following options are applicable for the keyword SaskPenPlan.sp.
March - December (2023 ) RRSP contributions made from March to December of the current year.
January - February (2024 ) RRSP contributions made from January to the end of February of the following year.
See the Taxnet Pro™ T1 Line-by-Line Guide (subscription required):
Line 20800 - RRSP deduction (Schedule 7)
See the CRA's general income tax guide:
Line 20805 - FHSA deduction
Enter the RRSP/PRPP issuer name
Choose the relevant option and enter the amount of undeducted RRSP contributions.
The following options are applicable for the keyword Undeducted-Contr.
See the Taxnet Pro™ T1 Line-by-Line Guide (subscription required):
Line 20800 - RRSP deduction (Schedule 7)
See the CRA's general income tax guide:
Line 20805 - FHSA deduction
Use the keyword PRPP-EmployerContr to enter the employer's PRPP contributions that are shown on PRPP contribution receipts. Employer contributions to the PRPP are not deductible in calculating the employee's income since they did not generate a taxable benefit and do not create a pension adjustment. However, the PRPP contributions made by the employer for a year will be subtracted from the unused eligible amount for RRSPs for the same year.
The following options are applicable for the keyword PRPP-EmployerContr.
See the Taxnet Pro™ T1 Line-by-Line Guide (subscription required):
Line 20810 - PRPP employer contributions
Use the keyword VRSP-EmployerContr to enter the employer's VRSP contributions that are shown on VRSP contribution receipts. Employer contributions to the VRSP are not deductible in calculating the employee's income since they did not generate a taxable benefit and do not create a pension adjustment. However, the VRSP contributions made by the employer for a year will be subtracted from the unused eligible amount for RRSPs for the same year.
The following options are applicable for the keyword VRSP-EmployerContr.
DT Max will automatically calculate and carry forward the RRSP eligible amount (before PSPA) under the Elig-Room keyword.
If entering a new client, a first-time user, or overriding the DT Max carryforwards, the total of the amounts entered with the two options should be equal to the amount shown on line A of the previous year's CRA Notice of Assessment.
Note: It is not mandatory to provide the breakdown of the RRSP eligible amount, you can simply enter the total amount under one of the two options.
The following options are applicable for the keyword Elig-Room.
Enter the Past Service Pension Adjustment ( PSPA) from the report by of the Plan administrator.
Note that the current year pension adjustment is entered using PA-T4 in the T4 group and PA.t4a in the T4A group
The following options are applicable for the keyword PSPA.
Use the keyword Athlete-Trust to enter the income contributed in 2023 to an amateur athlete trust (AAT), which now qualifies as earned income in calculating the RRSP contribution limit of the trust's beneficiary.
Use this keyword to limit the taxpayer's RRSP deduction in the current year in order to save their unused contributions for future years, when they may be in a higher tax bracket.
The amount that will appear on line 20800 of the federal return is the lesser of: - the RRSP deduction limit as allowed by CRA rules
- the total amount of RRSP contributions
- the deduction limit entered in this keyword
Unused deductions will be carried forward automatically.
The following options are applicable for the keyword RRSP-To-Deduct.
See the Taxnet Pro™ T1 Line-by-Line Guide (subscription required):
Line 20800 - RRSP deduction (Schedule 7)
See the CRA's general income tax guide:
Line 20805 - FHSA deduction
This is the transitional amount RRSP carryforward available this year.
As of January 1996, the overcontribution allowance was reduced from $8,000 to $2,000. Overcontributions before February 27, 1995 must have been either withdrawn in excess of $2000 or deducted as soon as new RRSP room becomes available in years after 1995.
Enter the transitional amount that resulted in 1995 from the change to the overcontributions limit from $8000 to $2000.
This amount may be found on the 1995 DT Max RRSP schedule table "Distribution of Undeducted Premiums to Carryfoward".
The new RRSP room will be applied against the transitional amount first. Then the room will be applied against RRSP contributions made in the year and in the first sixty days of the following year.
DT Max will carryfoward the new transitional amount remaining to next year.
Enter the past 2 years spousal RRSP contributions (T2205). Contributions for 2023 should only contain contributions made within the first 60 days of the year. The contributions made in the first 60 days of the year are recorded in 2022.
Enter the year and amount from a spousal or common-law partner RRSP included in income [T2205].
The following options are applicable for the keyword Hist-RRSP-Inclus.
Enter the year and amount from a spousal or common-law partner RRIF included in income [T2205].
The following options are applicable for the keyword Hist-RRIF-Inclus.
Select if a T1-OVP return was filed or not for 2022. The total of all following contributions made to the following plans may be considered excess contributions if they exceed your RRSP deduction limit plus $ 2000 : - your registered retirement savings plan (RRSP) contributions;
- your employers and former employer's pooled registered pension plan (PRPP) contributions, in addition to your PRPP contributions;
- your specified pension plan (SPP) contributions; and
- your contributions to your spouse's or common-law partner's RRSPs or SPP.
RRSP excess contributions are subject to a tax of 1% per month for every month they are left in the account. For more information concerning excess RRSP contributions, see "Tax on RRSP, PRPP, or SPP excess contributions" in Guide T4040, RRSPs and Other Registered Plans for Retirement.
Notes
References to "RRSP contribution(s)" on this return mean the total contributions made by you to the plans above.
References to "RRSP excess contributions" on this return mean your RRSP contributions, your unused RRSP contributions from prior years, plus your employer or former employer PRPP contributions that exceed your RRSP deduction limit, plus $2,000, for a given year.
You can only qualify for the additional $2,000 amount if you were 18 years or older at any time in 2022.
If your 2023 unused RRSP contributions are subject to tax, you have to complete and send this return with your payment to your tax centre no later than 90 days after the end of the tax year.
Determine if you have to complete a T1-OVP
If you follow the steps below and determine that you do not have to complete a 2023 T1-OVP, you are not subject to the 1% per month tax. You do not have to go any further.
If your 2023 RRSP deduction limit includes a net Past Service Pension Adjustment (PSPA) for 2023 or your unused RRSP deduction limit at the end of 2022 is a negative amount, complete a T1-OVP, 2023 Individual Tax Return for RRSP, SPP and PRPP Excess Contributions, to determine if you are subject to the 1% per-month tax. If you are not subject to this tax for 2023, you may be subject to it for 2024.
Step 1: Does one of these situations apply to you?
- You contributed amounts to your PRPP, RRSP, or your spouse's or common-law partner’s RRSP from January 1, 1991 to December 31, 2023, that you did not and will not deduct on line 20800 on your 2023 or prior year income tax and benefit return.
- A gift was made to your RRSP from January 1, 1991, to December 31, 2023.
If one of these situations applies to you, go to Step 2.
If neither of these situations apply to you, you do not have to complete a 2023 T1-OVP.
Step 2: RRSP deduction limit more than the total of unused RRSP contributions
Is your 2023 RRSP deduction limit from your latest notice of assessment, notice of reassessment, or T1028, Your RRSP/PRPP Information for 2023, is more than the total of your unused RRSP/PRPP contributions (including gifts) made from January 1, 1991 to December 31, 2023, plus the total RRSP and PRPP contributions (including gifts and employer PRPP contributions) made during 2023?
If no, go to Step 3.
If yes, you do not have to complete a 2023 T1-OVP.
Step 3: Were you younger than 19 at any time in 2023?
If no, go to Step 4.
If yes, you may be subject to tax on your unused RRSP/PRPP contributions. Complete a T1-OVP-S, 2023 Simplified Individual Tax Return for RRSP, SPP and PRPP Excess Contributions, to determine the amount of this tax.
Step 4: The total of unused RRSP/PRPP deduction limit is less than RRSP deduction limit
Are your unused RRSP/PRPP contributions (including gifts) made from January 1, 1991 to December 31, 2023, less than the total of your 2023 RRSP deduction limit from your latest notice of assessment or notice of reassessment plus $2,000?
If no, go to Step 5.
If yes, you do not have to complete a 2023 T1-OVP.
Step 5: Situations that may apply to you
- At the end of 2023, all of your unused RRSP/PRPP contributions (including gifts) were made before February 27, 1995.
- All of your unused RRSP/PRPP contributions (including gifts) were made from January 1, 1991, to February 26, 1995, and their total was $8,000 or less.
- You did not contribute to an RRSP or PRPP from February 27, 1995, to December 31, 2023.
If all of these situations apply to you, you do not have to complete a 2023 T1-OVP.
If one of these situations does not apply to you, go to Step 6.
Step 6: Participation in a qualifying group RRSP
Were all the unused contributions at the end of 2023 mandatory contributions made in 2023 as a result of your participation in a qualifying group RRSP contribution?
If yes, you do not have to complete a 2023 T1-OVP.
If no, you may be subject to tax on your unused RRSP/PRPP contributions. Complete a 2023 T1-OVP to determine the amount of this tax.
The following options are applicable for the keyword T1-OVP.
Select the information on the T1-OVP return filed for 2022. The amounts entered will be carried forward to line 1 of Step 2 and on line 13 of Part B of the T1-OVP return.
The following options are applicable for the keyword Prior-December.
Select the year in which you had unused RRSP contributions (only enter consecutive years ending with 2022 in which you had unused RRSP contributions). The amounts entered will be used to complete the chart of notes 1, the results will be carried forward to line 1 of Step 2 of the T1-OVP return.
RRSP contribution(s) on this return mean the total contributions made by you to your RRSPs, PRPPs, and SPP, as well as your contributions to your spouse's or common-law partner's RRSPs and SPP. Include any gifts made to your RRSPs (a gift is any amount contributed to your RRSPs by someone other than you or your spouse or common-law partner). Also include any excess amount you transferred from your registered pension plan (RPP) to your RRSPs or RRIFs (you would have received an RRSP receipt for these contributions).
Do not include: - contributions you made during the first 60 days of the year to your own RRSPs, PRPP or SPP or your spouse's or common-law partner's RRSPs or SPP that you deducted or will deduct for the preceding year;
- contributions you made to your RRSPs, PRPPs and SPP, that you designated as repayments under the Home Buyers' Plan or the Lifelong Learning Plan;
- contributions you made to your RRSPs for amounts you deducted or will deduct for the year for the following types of income you received and transferred to your RRSPs:
- the eligible part of a retiring allowance;
- the eligible part of a lump-sum pension payment;
- an RRSP refund of premiums;
- an RRSP commutation payment;
- the eligible amount of a RRIF designated benefit;
- a RRIF excess amount; and
- transfers from SPP, DPSPs or other PRPPs.
- amounts that were transferred directly to your RRSPs from another RRSP, from a RPP, from a DPSP, from a PRPP or from an SPP for which you were not issued a receipt or slip; or
- contributions you have returned to your RRSPs because you did not need the funds to have a PSPA certified.
RRSP, PRPP, SPP and RRIF payments included in income. Include amounts that your spouse or common-law partner withdrew from RRSPs, RRIFs or SPP that you have to include in your income for the year. You may have calculated these amounts on Form T2205, Amounts from a Spousal or Common-law Partner RRSP, RRIF, or SPP to Include in Income.
Do not include: - the part of amounts you received for which you will deduct an amount for the year as a transfer to another RRSP. This applies to:
- an RRSP refund of premiums;
- an RRSP commutation payment;
- the eligible amount of a RRIF designated benefit;
- a RRIF excess amount; and
- transfers from SPP or PRPPs.
If you are filling out line 5 in Part A of the chart on page 2 of this return, do the following: If the amount received or considered received from the RRSP is shown in box 26 of a T4RSP slip, or a deemed receipt of deregistered amounts from RRIFs from box 20 of T4RIF, enter the amount under the column for the date the RRSP is considered deregistered. To determine this date, contact the RRSP issuer.
RRSP contributions deducted on line 20800 of your income tax and benefit return. Do not include amounts you deducted for: - contributions you made to your own RRSPs, PRPPs, or SPP or your spouse's or common-law partner's RRSPs or SPP in the first 60 days of the following year;
- contributions you made to your RRSPs in the year for the following types of income you received and transferred to your RRSPs:
- the eligible part of a retiring allowance;
- the eligible part of a lump-sum pension payment;
- an RRSP refund of premiums;
- an RRSP commutation payment;
- the eligible amount of a RRIF designated benefit;
- a RRIF excess amount; and
- transfers from SPP, DPSPs or other PRPPs.
- a contribution you returned to your RRSPs because you did not need the funds to have a past service pension adjustment (PSPA) certified
Enter the total RRSP contributions deducted on line 208 of your 2022 income tax and benefit return. This amount will be carried forward to line 2 of Step 2 of the T1-OVP return. Do not include amounts you deducted for: - contributions you made to your own RRSPs, PRPPs, or SPP or your spouse's or common-law partner's RRSPs or SPP in the first 60 days of the following year;
- contributions you made to your RRSPs in the year for the following types of income you received and transferred to your RRSPs:
- the eligible part of a retiring allowance;
- the eligible part of a lump-sum pension payment;
- an RRSP refund of premiums;
- an RRSP commutation payment;
- the eligible amount of a RRIF designated benefit;
- a RRIF excess amount; and
- transfers from SPP, DPSPs or other PRPPs.
- a contribution you returned to your RRSPs because you did not need the funds to have a past service pension adjustment (PSPA) certified
Monthly details of RRSP contributions made in 2023 during the month (T1-OVP, Part A line 2).
Employer or former employer 2023 PRPP contributions (T1-OVP, Part A line 3).
Mandatory 2023 amount contributed a the end of that month for the contribution in a group RRSP (T1-OVP, Part B line 12). Such contributions are the result of an irrevocable agreement (usually between employee and employer) that determines the amount of the contribution to the group RRSP or PRPP. If such contributions were made in 2022 but you did not file a T1-OVP return for 2022 because your total unused RRSP contributions were not subject to tax, fill out the T1-OVP return for 2022 to determine the amount to enter on line 13 of the T1-OVP return.
Enter the RRSP, PRPP, SPP and RRIF payments that you included or will include in income (T1-OVP, Part A line 5).
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RRSP-Contrib 
RRSP-Issuer 
Undeducted-Contr