Unused RRSP contributions are contributions you made to an RRSP (in a prior year) that have been carried forward. In other words, you reported the contribution on your tax return for the year in which you made the contribution but did not apply it as a deduction to reduce your taxable income (or designate your contribution as an HBP or LPP repayment).
- Important: If you made an RRSP contribution in a prior year and it hasn’t been reported on your tax return for that year, you’ll need to file an adjustment to that return in order to eventually apply the contribution as a deduction. Here’s how to file an adjustment.
Your unused RRSP contribution amount from previous years will be 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.
Note: Unused contributions are different from unused contribution room, which is the amount you are entitled to contribute and deduct, minus the amount that you actually deduct.