I want to enter my RRSP contributions based on a calendar year. I only see options for Apr-Dec 2022 + 1st 60 days of 2023. How to enter contributions from Jan-Mar 2022?

[clinkletter1]

Turbo Tax only giving me options for 10 months in FY22 and first 60 days in 2023. I only want to put in contributions for deduction based on calendar year. Eg: All calendar 2022 contributions go to 2022 tax return and 2023 contributions go to 2023 tax return. I did the same thing in prior years.

[TurboTaxSusan]

The RRSP Contribution year is not based on the calendar year. Contributions made in the 1st 60 days of the current year effect your contribution limits for the last year. So, any contributions you made in the 1st 60 days of 2022 will need to be reported on your 2021 tax return.

However, you don’t have to take the deduction that year if you don’t want to. In TurboTax Online, select RRSP>RRSP Contributions to be carried forward to change the amount of the RRSP deduction you are claiming for the year. 

[clinkletter1]

I thought you could keep everything in calendar year if you wanted to but then what would you do in this situation?

1) I contributed to my personal RRSP in the first 60 days of 2022 but did not count that for my 2021 tax return. I wanted to keep that for my 2022 tax return.

2) I participate in a company RRSP where I get a match as well. Obviously you contribute to that evenly throughout the year but that can change based on %s and your wage amount. However, I have never received two T4s from my employer showing RRSP contributions first 60 days vs. rest of the year. Maybe this is done by the provider but haven't seen that. In this case do I need my payroll to break it out?

Based on this all i wanted to do was literally report any 2022 contributions on my 2022 tax return but it sounds like I cannot? If I cannot, what do i do, restate my 2021 tax return to include the contributions made in the first 60 days of 2022 from any and all RRSPs including matches?

Thanks in advance.

[TurboTaxSusan]

For the RRSP contributions you made through work, you just need to enter your T4 slip as is. Your employer has to report those contributions, so the CRA will make adjustments if needed.

For the contributions you made on your own, you would have to put any contributions from the 1st 60 days of 2022 onto your 2021 return. You can use ReFILE to make your changes. This TurboTax FAQ has more information: https://turbotax.community.intuit.ca/community/tax-return-amendment/help/i-have-filed-my-tax-return-...

You can also make changes using the Canada Revenue Agency (CRA)’s My Account service or send in a request by mail, using a completed T1-ADJ T1 Adjustment Request.

[clinkletter1]

Thanks. However, when I file my 2021 tax return but do not want to count the first 60 days of 2022 RRSP contributions as a deduction for 2021 but instead keep it for my deduction in 2022, what do I need to select when doing so?

[TurboTaxGinette]

To adjust how much of this tax year’s contributions get carried forward (in your case, the amount you received in the first 60 days of 2022):

• Next to RRSP/PRPP contributions you are deducting, enter the amount you’d like to deduct this year and then select Continue. The remainder will get carried forward
• For example: TurboTax shows that $3,000 is available to deduct in the current tax year. If you’d like to carry forward $2,000, enter the remainder ($3,000 - $2,000 = $1,000) of $1,000 in the space provided next to RRSP/PRPP contributions you are deducting. This means that $1,000 will be deducted in the current year and the remaining $2,000 will be carried forward.

If needed, we believe your best option is to contact our telephone support team for further assistance, as they have the option to view your screen to guide you. To contact them, please follow this link: Contact Us. 

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