What to do with unused RRSP, PRPP or SPP contributions
What to do with contributions you do not deduct
If you are not deducting all the RRSP, PRPP or SPP contributions you made in 2016 and the beginning of 2017, fill out Schedule 7, RRSP and PRPP Unused Contributions, Transfers, and HBP or LLP Activities. This includes contributions made to your:
- registered retirement savings plan (RRSP)
- pooled registered pension plan (PRPP)
- specified pension plan (SPP)
- spouse’s or common-law partner’s RRSP or SPP
Fill out schedule 7 for contributions made from March 1, 2016 to Marc 1, 2017. Attach Schedule 7 to your 2016 tax return.
If you have already filed your tax return, fill out Schedule 7 and send it to your tax centre. Include with your contribution receipts a note showing 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, you have two options:
- You can leave the unused contributions in the plan.
- You can withdraw the unused contributions.
In either case, if you contribute over your RRSP/PRPP deduction limit, you may have to pay tax on the unused contributions that exceed your RRSP/PRPP deduction limit.
If you withdraw the unused contributions, you have to include them as income on your tax return. However, you may be able to deduct an amount equal to the withdrawn contributions. For more information, see withdrawing unused contributions.
Calculate your unused RRSP, PRPP or SPP contributions
Your unused RRSP, PRPP or SPP contributions are equal to:
RRSP/PRPP deduction limit for the previous year
allowable RRSP, PRPP or SPP contributions deducted in previous year
Unused contributions are carried forward to the next year, so if you do not deduct all of your RRSP, PRPP or SPP contributions, or withdraw them, they are added to your following years of RRSP/PRPP deduction limit.
You can find the amount of your unused RRSP, PRPP or SPP contributions from previous years by going to one of the following:
- Form T1028, Your RRSP/PRPP Information for 2016
- My Account
- MyCRA mobile app
- Tax information Phone Service (TIPS)
- the RRSP/PRPP Deduction Limit Statement, on your latest notice of assessment or notice of reassessment (see image below)
Image of RRSP/PRPP Deduction Limit Statement
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