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Can I vary my RRSP carryforward amount?

by TurboTax•39• Updated 1 month ago

You can change the amount of RRSP contributions that get carried forward (to be available to reduce your taxable income in a future year) by varying the amount you claim this year.

Note: The amount available for deduction minus the amount you deduct equals the amount that gets carried forward. Any unused RRSP contribution amount from previous years will be shown on your RRSP Deduction Limit Statement, found on your latest Notice of Assessment. When you use CRA’s Auto-Fill My Return, TurboTax automatically downloads the contribution amount (if applicable) into your tax return for you.

Select your TurboTax product for instructions on how to adjust the amount you carry forward in TurboTax.

  1. Answer the initial Personal info questions if you haven't already. This unlocks 2024 tax return.
  2. At 2024 tax return, enter registered and select Registered Savings Plan.
  3. At Your registered savings plan profile for 2024, select the applicable boxes, including Made RRSP Contributions you wish to carry forward and deduct in a future year.
  4. At What's your RRSP/PRPP deduction limit? confirm or change your RRSP deduction limit amount and continue.
  5. At RRSP/PRPP and SPP Carry Forward, TurboTax displays your RRSP carry forward info.
  6. At RRSP/PRPP contributions you are deducting, enter the amount you’d like to deduct this year.
  7. Continue to the Here’s your registered savings plan summary screen, and you’ll see your carry forward amount on the line for RRSPs/PRPPs carried forward to future year.

Note: Before beginning, fill out your personal information and build your tax profile in TurboTax. The Find button won't appear until these steps are complete.

  1. Select Find from the menu and enter RRSP Contributions in the Find window.
  2. Select RRSP Contributions to be Carried Forward and then select Go.
  3. At RRSP/PRPP carry forward, if the amount for RRSP/PRPP contributions you are deducting for 2024 is more than zero, enter your desired carry forward amount in the box.
  4. Continue to Registered Savings Plans Summary, and you’ll see your amount for the RRSPs/PRPPs carried forward to a future year.