Unused RRSP contributions

You can find the amount of your unused RRSP contributions from previous years by going to one of the following:

• amount (B) of the RRSP Deduction Limit Statement, on your latest notice of assessment or notice of reassessment;
• a T1028, Your RRSP Information for 2011, that we sent you after processing your return;
• My Account.

New unused contributions are reported by filing Schedule 7, RRSP Unused Contributions, Transfers, and HBP or LLP Activities with your return. If you have already filed your return, complete Schedule 7 and send it to your tax centre with your RRSP receipts and a note indicating your name and social insurance number.

If you did not deduct all of the contributions you made to your RRSP or your spouse's or common-law partner's RRSP in 1991 and later years, you have two options:

• you can leave the unused contributions in the plan; or
• you can withdraw the unused contributions.

In either case, you may have to pay a 1% per month tax on the part of your unused contributions that are excess contributions.

If you withdraw the unused contributions, you have to include them as income on your return. However, you may be able to deduct an amount equal to the withdrawn contributions that you include in your income. For more information, see Withdrawing unused RRSP contributions.