If I have an amount "RRSPs/PRPPs carried forward to future year" is that a because I didn't claimed a deduction beyond my RRSP maximum, ie. shouldn't attract a penalty?

[Carolina_22]

Yes, RRSP/PRPP carry forward means any unused RRSP contributions from previous years that you will be able to use for deductions in future returns. You will not get penalties for carryforwards.

As per TurboTax:

• Every year we have earned income, we earn RRSP contribution room; 18% of your earned income to the allowable maximum for the tax year.  When you contribute to your RRSP throughout the tax year, whatever you don’t use of your contribution room rolls over into the next tax year, to be added to the current 18%.
• The remaining contribution room is different from unused RRSP contributions. These are RRSP contributions you made but didn’t use to reduce your taxable income. RRSP contributions are not taxed when you deposit them into your investment account, they are taxed when you take them out (generally in retirement); their tax is “deferred”.

For more information please refer to the following TurboTax article:

• Remaining RRSP Contribution Room

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