Unused contributions

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 them.

Note
In either case, you may have to pay a 1% per month tax on the part of your unused contributions that are excess contributions. For more information, see 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 However, you may be able to deduct an amount equal to the withdrawn contributions that you include in your income.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.