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
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.