What does "unused contributions made prior to 2018" mean in the RRSP worksheet?

[jnorek]

Hi, I'm hoping the community can help me understand a calculation.

The TurboTax RRSP Worksheet shows that I have an excess of $7000 subject to penalty tax in 2017.

It's calculated as (2017 deduction limit)-(unused RRSP deductions+RRSP contributions in remainder of 2017) In my case, $38000-($33000+$12000) = -$7000.

I contributed $12000 which is less than my 2017 deduction limit, and was planning to carry forward the excess (i.e., the unused RRSP contributions) to 2018. But TurboTax reports that I still have excess amounts. How is this possible?

Thanks in advance, Jim

[TurboTaxCarol]

There are many factors to consider such as the timing of when the contributions were made and what the CRA has as a claimed RRSP carry-forward.

Please contact the CRA who will be able to verfiy all of these details at 1800- 959-8281.