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I was expecting higher income in 2015. So carried forward some RRSP amt. Since that didn't happen can I go back and increase the RRSP deduction for 2014 (using T1-ADJ) ?
Example:
Filed in 2014
2014 RRSP Deduction limit: $5000
Used in 2014: $2000
Carried forward: $3000
Use T1-ADJ to effect this change:
2014 RRSP Deduction limit: $5000
Used in 2014: $5000
Carried forward: $0
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Seniors and students
If you feel that this will help your return you can definitely make a change by doing the following.
You can make changes (amendments) to your current tax return, as well as a tax return for any of the previous 10 tax years, whether you filed by mail or electronically using NETFILE. Here’s how you should proceed to make changes:
- Wait until you receive your notice of assessment from the Canada Revenue Agency (CRA).
- Once you’ve received your notice of assessment, visit the page how to make changes on the CRA website. http://www.cra-arc.gc.ca/E/pbg/tf/t1-adj/README.html
- Follow the instructions on the CRA website. You can change your return online or by mail.
If you choose to amend your return(s) online, the processing time is approximately 2 weeks.
If you choose to amend your return(s) by mail, the processing time is approximately 8 weeks
T1-Adj form : http://www.cra-arc.gc.ca/E/pbg/tf/t1-adj/t1-adj-15e.pdf
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