☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Oct 30, 2019 2:03:36 PM

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

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

0 1 879
1 Replies
New Member
Oct 30, 2019 2:03:37 PM

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.