Solved: I was expecting higher income in 2015. So carried ...

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I was expecting higher income in 2015. So carried forward some RRSP amt. Since that didn't happen can I go back and increase the RRSP deduction for 2014 (using T1-ADJ) ?

Example:

Filed in 2014

2014 RRSP Deduction limit:   $5000

Used in 2014: $2000

Carried forward: $3000

Use T1-ADJ to effect this change:

2014 RRSP Deduction limit:   $5000

Used in 2014: $5000

Carried forward: $0

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Highlighted
New Member

I was expecting higher income in 2015. So carried forward some RRSP amt. Since that didn't happen can I go back and increase the RRSP deduction for 2014 (using T1-ADJ) ?

If you feel that this will help your return you can definitely make a change by doing the following.

You can make changes (amendments) to your current tax return, as well as a tax return for any of the previous 10 tax years, whether you filed by mail or electronically using NETFILE. Here’s how you should proceed to make changes:

  1. Wait until you receive your notice of assessment from the Canada Revenue Agency (CRA).
  2. Once you’ve received your notice of assessment, visit the page how to make changes on the CRA website. http://www.cra-arc.gc.ca/E/pbg/tf/t1-adj/README.html
  3. Follow the instructions on the CRA website. You can change your return online or by mail.
    If you choose to amend your return(s) online, the processing time is approximately 2 weeks.
    If you choose to amend your return(s) by mail, the processing time is approximately 8 weeks


T1-Adj form :  http://www.cra-arc.gc.ca/E/pbg/tf/t1-adj/t1-adj-15e.pdf




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Highlighted
New Member

I was expecting higher income in 2015. So carried forward some RRSP amt. Since that didn't happen can I go back and increase the RRSP deduction for 2014 (using T1-ADJ) ?

If you feel that this will help your return you can definitely make a change by doing the following.

You can make changes (amendments) to your current tax return, as well as a tax return for any of the previous 10 tax years, whether you filed by mail or electronically using NETFILE. Here’s how you should proceed to make changes:

  1. Wait until you receive your notice of assessment from the Canada Revenue Agency (CRA).
  2. Once you’ve received your notice of assessment, visit the page how to make changes on the CRA website. http://www.cra-arc.gc.ca/E/pbg/tf/t1-adj/README.html
  3. Follow the instructions on the CRA website. You can change your return online or by mail.
    If you choose to amend your return(s) online, the processing time is approximately 2 weeks.
    If you choose to amend your return(s) by mail, the processing time is approximately 8 weeks


T1-Adj form :  http://www.cra-arc.gc.ca/E/pbg/tf/t1-adj/t1-adj-15e.pdf




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