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New Member
posted Mar 21, 2021 9:21:43 PM

How to enter rrsp contrbutions, calculate rrsp deduction?

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1 Best answer
Level 6
Mar 24, 2021 9:40:10 AM

Thank you for your query. We would be glad to help you through.

 

RRSP slips from contributions made between March 3, 2020, and March 1, 2021 (inclusively), as well as contributions made before this that have not already been reported, are entered in TurboTax Online in the same way.

For an RRSP contribution made before March 2, 2020, report it in the tax return for the tax year in which you made the contribution to be applied to. You can do this by signing into TurboTax Online for the appropriate tax year and making an adjustment to your return.

To report RRSP contributions made after March 2, 2020, and before March 2, 2021

  1. Sign in to TurboTax Online.
  2. In the upper-right corner of your screen, select Find*.
  3. In the Find window, type “RRSP profile” in the search field, select it from the list and then select Go.
  4. Select the checkbox for “Made RRSP contributions during 2020 or the first 60 days of 2021,” as well as any other options that apply to you, and then select Continue.
  5. Follow the on-screen prompts and TurboTax will guide you through the steps for entering your RRSP contributions.

*If you don’t see the Find button, it may be that you haven’t completed the Setting Up/Income section of your return. Continue through the Setting Up/Income section and the Find option will appear in the top-right corner of the screen.

 

Your Next question is on: 

How to Calculate Your RRSP Deduction Limit

 

The CRA calculates your deduction limit based on your:

  • Income earned in the previous year
  • Pension adjustments, past service pension adjustments, or pension adjustment reversals 
  • Used RRSP deduction room at the end of the previous year 

Your deduction limit is 18% of your earned income, to a maximum value for the year.

The maximum RRSP contribution amount changes each year. For the most current limits as well as amounts for previous years, click here.

 

We hope this information is helpful. Should you need any further clarifications, we would be glad to guide you. 

1 Replies
Level 6
Mar 24, 2021 9:40:10 AM

Thank you for your query. We would be glad to help you through.

 

RRSP slips from contributions made between March 3, 2020, and March 1, 2021 (inclusively), as well as contributions made before this that have not already been reported, are entered in TurboTax Online in the same way.

For an RRSP contribution made before March 2, 2020, report it in the tax return for the tax year in which you made the contribution to be applied to. You can do this by signing into TurboTax Online for the appropriate tax year and making an adjustment to your return.

To report RRSP contributions made after March 2, 2020, and before March 2, 2021

  1. Sign in to TurboTax Online.
  2. In the upper-right corner of your screen, select Find*.
  3. In the Find window, type “RRSP profile” in the search field, select it from the list and then select Go.
  4. Select the checkbox for “Made RRSP contributions during 2020 or the first 60 days of 2021,” as well as any other options that apply to you, and then select Continue.
  5. Follow the on-screen prompts and TurboTax will guide you through the steps for entering your RRSP contributions.

*If you don’t see the Find button, it may be that you haven’t completed the Setting Up/Income section of your return. Continue through the Setting Up/Income section and the Find option will appear in the top-right corner of the screen.

 

Your Next question is on: 

How to Calculate Your RRSP Deduction Limit

 

The CRA calculates your deduction limit based on your:

  • Income earned in the previous year
  • Pension adjustments, past service pension adjustments, or pension adjustment reversals 
  • Used RRSP deduction room at the end of the previous year 

Your deduction limit is 18% of your earned income, to a maximum value for the year.

The maximum RRSP contribution amount changes each year. For the most current limits as well as amounts for previous years, click here.

 

We hope this information is helpful. Should you need any further clarifications, we would be glad to guide you.