CRA tells me that I have $5000 unused RRSP contributions previously reported and available to deduct for 2017. Does that mean that I over contributed in previous year?
My contribution room for 2017 is $15,000. Should I only contribute up to $10,000 in 2017 as I have these $5,000. Is that how I should proceed?
021490
1 Best answer
TurboTaxJeffrey
New Member
Oct 30, 2019 6:34:28 AM
Over contributing is one possibility. Another is that you may not have needed all of the deduction to reduce your tax liability to zero. Yet another is a possibility that you decided not to use the deductions at the time, anticipating a higher tax bracket in a future tax year.
2 Replies
TurboTaxJeffrey
New Member
Oct 30, 2019 6:34:28 AM
Over contributing is one possibility. Another is that you may not have needed all of the deduction to reduce your tax liability to zero. Yet another is a possibility that you decided not to use the deductions at the time, anticipating a higher tax bracket in a future tax year.
TurboTaxJeffrey
New Member
Oct 30, 2019 6:34:30 AM
Your contribution room for 2017 is $15,000. This means you can purchase up to $15,000 in RRSPs between March 1, 2017 and Feb 28, 2018.