I deployed with the CAF this year and received a massive tax deduction (line 43). Nearly half of my earnings were tax free moving me to a much lower tax bracket. I also maxed out my contribution to RRSPs. I believe that it makes sense that I carry forward the RRSP contributions to apply in a higher tax bracket next year. Can I do this? And if I can, do I simply not claim a contribution this year and claim both next year?
Use the RRSP section of Turbo Tax Desk Top software. Select RRSP from the left hand menu. At a minimum indicate that you have made RRSP contributions and that you also intend to carry forward some or all of those contributions to a future year. (see screen shot).
It is important to include the contributed amount on the tax return as CRA may try to reconcile your information with that provided to them by your financial institution. By providing the correct amounts on schedule 7 it will allow CRA to keep track of your undeducted contributions until such time as you choose to claim them for tax purposes. Undeducted contributions will be reported on your Notice of Assessment (NOA) as well as tracked in My Account on the CRA website.
Use the RRSP section of Turbo Tax Desk Top software. Select RRSP from the left hand menu. At a minimum indicate that you have made RRSP contributions and that you also intend to carry forward some or all of those contributions to a future year. (see screen shot).
It is important to include the contributed amount on the tax return as CRA may try to reconcile your information with that provided to them by your financial institution. By providing the correct amounts on schedule 7 it will allow CRA to keep track of your undeducted contributions until such time as you choose to claim them for tax purposes. Undeducted contributions will be reported on your Notice of Assessment (NOA) as well as tracked in My Account on the CRA website.