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Is the amount to use as my contribution to an RRSP from my work bonus plan the share value at time vested as shown on my summary or Book value?

 
6 Replies

Is the amount to use as my contribution to an RRSP from my work bonus plan the share value at time vested as shown on my summary or Book value?

You should have received an RRSP receipt from the financial institution that is holding your RRSP. The contribution amount you enter must match the amount on that receipt, as that is what is on record with CRA.

Is the amount to use as my contribution to an RRSP from my work bonus plan the share value at time vested as shown on my summary or Book value?

RRSP receipt received was for another amount that was deducted from paycheck. The other amount no other slip was received except the summary of holdings in plan showing the value of RRSP vested shares as of December 31 2018. I'm assuming the share value at time of vested is the one to use which is a lower than the book value

Is the amount to use as my contribution to an RRSP from my work bonus plan the share value at time vested as shown on my summary or Book value?

Generally, the financial institution lumps together the entire RRSP amounts for the period of Mar-Dec 2018 and another receipt for Jan and Feb 2019.  If you think the RRSP receipt was issued with an incorrect amount, you need to follow-up with your financial institution as CRA will reassess you if you don't file with the amounts you have on file.

Is the amount to use as my contribution to an RRSP from my work bonus plan the share value at time vested as shown on my summary or Book value?

Yes I think it should have been that way too but it's a new plan this year and I'm not sure it's being handled correctly and am having problems getting more information. I'm seriously thinking of filing with the amount I believe to be correct and see what happens. The paperwork I got definitely shows vested RRSP shares of xxx.xxxxxx at 01/01/18 and vested/unrestricted xxx.xxxxxx RRSP shares 31/12/18 with a total share value of $5,126.71 and a total BOOK value of $5,701.90 and 200.18 dividends and closing cash balance of 58.23. Also should the cash balance be claimed as investment income or is that considered to be in the sheltered RRSP interest earned not to be claimed until cashed?

Is the amount to use as my contribution to an RRSP from my work bonus plan the share value at time vested as shown on my summary or Book value?

Yes I think it should have been that way too but it's a new plan this year and I'm not sure it's being handled correctly and am having problems getting more information. I'm seriously thinking of filing with the amount I believe to be correct and see what happens. The paperwork I got definitely shows vested RRSP shares of xxx.xxxxxx at 01/01/18 and vested/unrestricted xxx.xxxxxx RRSP shares 31/12/18 with a total share value of $5,126.71 and a total BOOK value of $5,701.90 and 200.18 dividends and closing cash balance of 58.23. Also should the cash balance be claimed as investment income or is that considered to be in the sheltered RRSP interest earned not to be claimed until cashed?

Is the amount to use as my contribution to an RRSP from my work bonus plan the share value at time vested as shown on my summary or Book value?

Couple of things to keep in mind:
1) If you submit your return based on a RRSP amount that will be larger then the final RRSP amount, the likely you will have tax owing at that point in time. As a result, CRA will reassess you, and there will be interest and penalty.
2) If the above is true, then I would suggest you submit based on the "lower" RRSP amount. And when you finally resolve what the RRSP amount should be, you can then adjust your 2018 return using the Refile functionality (comes automatically with TurboTax Premier). At that point, CRA will refund you the rest.