You can change the amount of RRSP contributions that get carried forward (to be available to reduce your taxable income in a future year) by varying the amount you claim this year.
Note: The amount available for deduction minus the amount you deduct equals the amount that gets carried forward. Any unused RRSP contribution amount from previous years will be shown on your RRSP Deduction Limit Statement, found on your latest Notice of Assessment. When you use CRA’s Auto-Fill My Return, TurboTax automatically downloads the contribution amount (if applicable) into your tax return for you.
Select one of the options provided for instructions on how to adjust the amount you carry forward in TurboTax.
Instructions for TurboTax Online
Note: Before beginning, fill out your personal information and build your tax profile in TurboTax to ensure optimal results. The Find button won't appear until these steps are complete.
- Select Find (or the magnifying glass icon) from the menu.
- Enter RRSP Contributions in the Find window.
- Select RRSP Contributions to be Carried Forward and then select Go.
- On the RRSP/PRPP and SPP Carry Forward step, TurboTax displays the amount of contributions exceeding your limit. This amount is automatically carried forward.
- To adjust how much of this tax year’s contributions get carried forward:
- Next to RRSP/PRPP contributions you are deducting, enter the amount you’d like to deduct this year and then select Continue. The remainder will get carried forward.
- For example: TurboTax shows that $3,000 is available to deduct in the current tax year. If you’d like to carry forward $2,000, enter the remainder ($3,000 - $2,000 = $1,000) of $1,000 in the space provided next to RRSP/PRPP contributions you are deducting. This means that $1,000 will be deducted in the current year and the remaining $2,000 will be carried forward.
- Select Find, enter RRSP summary, and select Go.
- RRSPs/PRPPs are carried forward to a future year.
Instructions for TurboTax Desktop
Note: Before beginning, fill out your personal information and build your tax profile in TurboTax to ensure optimal results. The Find button won't appear until these steps are complete.
- Select Find (or the magnifying glass icon) from the menu.
- Enter RRSP Contributions in the Find window.
- Select RRSP Contributions to be Carried Forward and then select Go.
- On the RRSP/PRPP and SPP Carry Forward step, TurboTax displays the amount of contributions exceeding your limit. This amount is automatically carried forward.
- To adjust how much of this tax year’s contributions get carried forward, enter the amount you’d like to carry forward and then select Continue.
- Select Registered Savings Plans from the side navigation panel.
- Select Registered Savings Plans Summary and note the RRSPs/PRPPs carried forward to a future year.
- Select Continue.
