Unused RRSP/PRPP/SPP contributions
You can find the amount of your unused RRSP/PRPP/SPP 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 2014, that we sent you after processing your income tax and benefit return;
- My Account
- Tax information Phone Service (TIPS).
New unused contributions are reported by filing Schedule 7, RRSP and PRPP Unused Contributions, Transfers, and HBP or LLP Activities with your income tax and benefit return. If you have already filed your income tax and benefit return, complete Schedule 7 and send it to your tax centre with your 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/PRPP/SPP or your spouse's or common-law partner's RRSP/SPP 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 income tax and benefit 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 However, you may be able to deduct an amount equal to the withdrawn contributions that you include in your income.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.
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