What to do with unused RRSP, PRPP or SPP contributions

What are unused RRSP, PRPP or SPP contributions

These are amounts you contributed to your own RRSP, PRPP, or SPP or to an RRSP or SPP for your spouse or common-law partner after 1990 but did not deduct on line 20800 (line 208 for 2018 and prior tax years), of any previous income tax and benefit return, or designate as an HBP or LLP repayment.

What to do with contributions you do not deduct

If you are not deducting all the RRSP, PRPP or SPP contributions you made in 2023 and the beginning of 2024, fill out Schedule 7, RRSP, PRPP and SPP Contributions and Transfers and HBP and 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 2, 2023 to February 29, 2024. If you are filing a paper return, attach a filled out Schedule 7 to your 2023 income tax and benefit return. If you are filing electronically, keep the Schedule 7 in case the CRA asks to see it later.

If you have already filed your income tax and benefit return, fill out Schedule 7 and a Form T1-ADJ, T1 Adjustment Request and send it to your tax centre. You should also include a copy of your contribution receipts showing your name and social insurance number.

If you did not deduct all of the contributions you made to your RRSP, PRPP, or SPP or your spouse's or common-law partner's RRSP, or 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 deduction limit, you may have to pay tax on the unused contributions that exceed your RRSP deduction limit. If you withdrew the contribution under the Home Buyers’ Plan (HBP) or Lifelong Learning Plan (LLP), you may still be required to pay tax on the unused contributions that exceed your RRSP deduction limit.

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 However, you may be able to deduct an amount equal to the withdrawn contributions. For more information, go to withdrawing the unused contributions.

Where to find your unused RRSP, PRPP or SPP contributions amount

Your unused RRSP, PRPP or SPP contributions from previous years are identified on the line called “Unused RRSP contributions previously reported and available to deduct for YEAR” on:

• The RRSP Deduction Limit Statement, on your latest notice of assessment or notice of reassessment
• Form T1028, Your RRSP Information for YEAR