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gtbruce
New Member

I deposited money into rrsp account on Jan 25, '21 - did not claim in 2020 tax return (no room) - want to claim in 2021 return - how to do? Turbo tax doesn't allow

The Jan deposit was large and had forgotten I had same amount contribution in Sept 2020 and had forgotten that I made that contribution.  Can I take the Jan 2021 contribution and claim it in my 2021 tax return?
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I deposited money into rrsp account on Jan 25, '21 - did not claim in 2020 tax return (no room) - want to claim in 2021 return - how to do? Turbo tax doesn't allow

Any amount you contributed in the 1st 60 days of the year should be claimed on your return for the previous fiscal tax year ending December 31st. So, if you contributed to your RRSP in January of 2022, then you would need to enter it on your 2021 tax return. Please see this TurboTax FAQ for instructions on how to change a filed return: I've filed my tax return. Can I still make changes?

 

When you filed your 2021 tax return, your RRSP contribution room was recalculated. So, you may not necessarily have over contributed if you were only considering your contribution room from before you filed your 2021 tax return. This Canada Revenue Agency (CRA) page tells you how you can check your RRSP contribution limit: Where can you find your RRSP deduction limit?

 

If you have gone over your limit, please see this Canada Revenue Agency (CRA) page: What happens if you go over your RRSP deduction limit?