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 208, (prior to 2019) or 20800 (after 2018), 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 2020 and the beginning of 2021, fill out Schedule 7, RRSP, PRPP and SPP 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 3, 2020 to March 1, 2021. Attach Schedule 7 to your 2020 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 deduction limit, you may have 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 tax return. However, you may be able to deduct an amount equal to the withdrawn contributions. For more information, see withdrawing 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 2020” on:
- the RRSP Deduction Limit Statement, on your latest notice of assessment or notice of reassessment (see image below)
- Form T1028, Your RRSP Information for 2020
You can find the calculation of your unused RRSP contributions and prior year RRSP contribution history in:
Image of RRSP Deduction Limit Statement
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