How can I input an rrsp value from a contribution made in the first 2 months of the filing year when TurboTax only allows for rrsp contributions made the last 10 months?

[TurboTaxJeffrey · Accepted solution]

You are required to report contributions made in the first 60 days of a calendar year on the prior year's tax return.  This is tax law, not TT.  You will not find software that will allow otherwise, as CRA would not approve it for netfile.  If you have contributions from Jan and Feb 2015 you will need to request an adjustment on the 2014 tax return to include those.

http://www.cra-arc.gc.ca/E/pbg/tf/5000-s7/5000-s7-15e.pdf

[drmlmhh]

TT you are wrong. You are allowed to contribute to an RRSP in Jan and Feb of the year for that year

[TurboTaxJeffrey]

Nope.   Take a look at the schedule 7.

[TurboTaxJeffrey]

Schedule 7 has a place to show contributions for the final 10 months of the tax year, another place to show contributions for the first 60 days of the following calendar year.  Nowhere to report contributions made in the first 60 days of the tax year.

[budreski]

I have made contributions at all times of the year and have been audited by the CRA for doing so.  By my experience, one can make donations in the first two months of the forward tax year, but one has to file those contributions as being made in the the first two months in the year AFTER a filing year.  In other words, a contribution in Feb of 2015 has to be shown in the 2014 return as a filing in the first 60 days after the 2014 year.

[TurboTaxJeffrey]

You can make contributions any time...but when you make them in the year determines what tax year they are reported in.  You can claim the deductions in a later tax year if you choose, but the only way you can get away with claiming contributions made in the first 60 days of a calendar year on that year's tax return is if the contributions made in the first 60 days of the following calendar year happen to be for the same amount...in which case the numbers match, however at some point along the way you will miss out on a deduction.

[Anonymous]

The CRA website states; under "How contributions affect your RRSP/PRPP deduction limit" last updated 2016-03-04

What is the deadline to contribute to a RRSP,PRPP or SPP for the purpose of claiming a deduction on your 2015 return?

"Contributions made to your RRSP,PRPP or SPP or your spouse's RRSP or SPP from January 1, 2015 to February 29, 2016 qualify"

So how do I enter a contribution I made on Jan 10, 2015 into my 2015 return?

What is the deadline to contribute to a RRSP, PRPP, or SPP for the purpose of claiming a deduction on your 2015 return?

Contributions made to your RRSP, PRPP or SPP or your spouse's RRSP or SPP from January 1, 2015 to February 29, 2016 qualify

Contributions made to your RRSP, PRPP or SPP or your spouse's RRSP or SPP from January 1, 2015 to February 29, 2016 qualify.