RRSP unused contributions
For the current tax year, if you want to contribute to your RRSP
the amount of unused contributions that is displayed on the line
"Unused RRSP/PPRP contribution" of the CRA's notice of
assessment for the previous tax year, please follow the steps
below:
1- On the "Left side menu of the Interview tab", select the
item "RRSP contributions, limits".
2 - On the page appearing on the right, enter your "RRSP/PRPP
deduction limit for 2021 (2020 assessment)".
3 - Subsequently, choose the line "Unused RRSP/PRPP
contributions (2020 assessment)" and enter the amount that is
listed on your notice of assessment of the previous year.
4- This section applies to unused contributions, which are
indicated on line B of your 2020 federal Notice of
Assessment or Notice of Reassessment.
5- You have two choices, the first "Do you have unused
contributions from the first 60 days of 2021?" NOTE: This
contribution must be shown on your last Notice of Assessment for
2020, otherwise the CRA may not allow your deduction.
6- The second choice "Unused contributions from prior years
(excluding the first 60 days of 2021)".
Please note that the amount of your unused contributions
must be equal to the amount on line B of your last Notice of
Assessment for 2020
The program will carry the amount over to line 1 of the federal
Schedule 7, and apply the unused portion in the current tax year,
up to the maximum amount that is found in the field
"RRSP/PRPP deduction limit for 2021 (per 2020
assessment, line A)".
For more information on RRSPs, please consult the following
CRA link:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/registered-retirement-savings-plan-rrsp.html
ID: 20210727125803NA.xml
Webpage: KPA385-20210727125803NA.htm