On the "RRSP - Registered Retirement Savings Plan" form where is the box for "Contributions made between January 1 and March 1, 2023" ?
There are boxes for [March 2 to Dec 31 2023] and [Jan 1 to March 1 2024] but I made my contribution on January 6, 2023 for the 2023 tax year and there is no box for that.
The RRSP contributions you made in January 2023 will need to be added to your 2022 tax year return. You will need to make an adjustment. Please see the TurboTax link below for more information.
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I have been making an RRSP contribution in January for over a decade. CRA says that any contribution made in a tax year can be used for that tax year but your software does not allow me to properly recognize that. So what do I do with the January 2022 contribution? If I add it to my 2021 tax year return what do I do with my January 2021 contribution? Then what do I do with my January 2020, 2019, 2018, ... contributions?
As per the Canada Revenue Agency (CRA): The contribution year is the period that:
Each January contribution belongs to the previous tax year, ex: January 2022 contributions are to be declared in the 2021 tax return. You may need to make adjustments to correct this. If you verify your past Notice of Assessments, the CRA may have already made the adjustments needed.
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My understanding is that I can recognize any contribution made before the February 29, 2024 deadline in the 2023 tax year so long as I do not exceeded my RRSP limit from my most recent Notice of Assessment (like the one I got in June 2023). January 2023 is before February 28, 2024.
In fact if I had unused contributions from 2020 (I don't but as an example) I can recognize those in the 2023 tax year so long as I don't exceed my limit. But there is no box that says "contributions from prior years". My question is how do I recognize those contributions in the 2023 tax year?
To claim past year unused contributions and deduct them on your 2023 tax return, please follow the steps shown below.
Click on Continue then you can click in the left menu on RRSP/PRPP summary to see the contribution included and deduction for the year.
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I have the "home" edition so none of those tabs appear. After digging through a bunch of forms I found the line "Unused RRSP contributions" you show is on the "Carry Forwards From 2022" form but the table above it is for "RRSP Contributions to Spousal Plans" so I'm pretty sure I'm in the wrong place.
The above steps were taken from the Easy Step mode in the software. Here is an image of the numbered steps in the Forms mode.
Note: When in the Form Lookup screen please choose and click on CFP then OK.
If further guidance is required please call our telephone team from our Contact us link as they can view your screen to help you further.
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That worked. The amount I want to recognize on my 2023 taxes flowed through from the "Carry Forward" form through T1-2023 to line 20800 on the T1 General and reduced my tax payable. Thank you.
I am a little concerned by the text. It says: "Enter your unused RRSP contributions previously reported and available to deduct for 2023 as shown on your latest notice of assessment,"
But did not "previously report" the amount. I am "now" reporting the contribution on my 2023 tax filing.
I made a deposit into my RRSP account in January 2023. Did that trigger some kind of "report" to the CRA? Is that the "previous report" the text refers to?
If you made RRSP contributions prior to March 2, 2023 and did not show them on a previous year's tax return, they are not included on your Notice of Assessment from CRA. You cannot enter these contributions on your 2023 tax return; instead, you must adjust the appropriate year's tax return to show the contribution.
Since you made your contribution on January 6, 2023, this must be reported on your 2022 tax return.