I even checked my previous years' returns to ensure that they the previous contributions have not been used up. They are not, yet they do not appear under CRA RRSP section nor in Turbo Tax. Please advise how to claim my unutilized RRSP contributions
Have you checked the The RRSP Deduction Limit Statement, on your last notice of assessment or notice of reassessment?
I did...all of them. Only when I look up under RRSP details page on the CRA portal, I find the correct amount of RRSP for the periods of Jan-Feb 2022 and Jan-Feb 2023 appears there, exactly matching with my RRSP receipts. Yet, it does not show under unutilized RRSP contribution under NOA or anywhere else on CRA or TurboTax portals, hence not sure how I can still claim those amounts this year as my return filing is only pending for this please!
In TurboTax Online, check off "Have unused RRSP/PRPP contributions from prior years" on the RRSP profile page. Then on the Unused RRSP/PRPP Contributions page, answer "Yes" to the question "Do you want to change this amount?". Then you'll be able to enter the correct amount of your unused contributions.
That sounds amazing...will certainly give it a try and update here if that worked. Thank you so much!
The RRSP deduction limit statement on NOA for 2022 does not show any unused amount available for deduction in 2023 return. My concern here is contributions for Jan-Feb 2022 as well as Jan-Feb 2023 that weren't previously claimed in 2022 and which I would like to claim now in my 2023 return. I have the tax receipts for those contributions but why my NOA does not show these unused contributions. Can I still change the amount that wasn't claimed in 2022 return even though they are not reflected in the deduction limit statement for the year 2022. Any help would be highly appreciated please!
Jan-Feb 2022 contributions will need to be added to your 2021 return as the first 60 days of the year always belong on the previous year return, in this case, the 2021 tax year return. Jan-Feb 2023 contributions will need to be added to your 2022 tax return. This can be done by adjustment. If you have RRSP contributions in Jan-Feb 2024 they will belong on your 2023 return.
Until the adjustments are reassessed in your file, you will not be able to claim the deductions. They will also need to be adjusted accordingly. If help with this is required, you can call the Canada Revenue Agency (CRA) and do it with a representative by calling 1-800-959-8281.
For more information please see our TurboTax article: Everything You Need to Know About RRSPs and Your Tax Return
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