Do i need to declare my RRSP contributions?

I have an RRSP but have not taken anything out. Do i need to include my current balance in my tax return?

Seniors and students

Yes you need to declare all RRSP contributions you make in the year you contributed. It is not necessary to use them as deductions until you have a higher income to benefit and increase your return. Please see our TurboTax article for more information: RRSPs and Your Tax Return: The Bottom Line

 

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