Withdrawing the unused contributions

If you did not deduct all the contributions you made to your RRSP, PRPP, SPP, or your spouse's or common-law partner's RRSP in 1991 and later years (or your spouse’s or common-law partner’s SPP in 2010 and later years), you have two options:

In either case, you may have to pay a 1% per-month tax on the part of your unused contributions that are excess contributions. What happens if you go over 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 However, you may be able to deduct an amount equal to the withdrawn contributions that you include in your income if you or your spouse or common-law partner received the unused contributions from an RRSP, a PRPP, an SPP or a RRIF:

You can deduct the amount if you meet all of the following conditions:

In addition, it has to be reasonable for us to consider that at least one of the following applies. You:

Note 

If you or your spouse or common-law partner receives a payment for unused contributions you made and you deduct an amount under the above rules, we do not consider the unused contributions to be RRSP contributions after you or your spouse or common-law partner receives the payment. Accordingly, you cannot deduct the amount for any year.

If you meet all of the previous conditions and have not already withdrawn the unused RRSP contributions, you can withdraw them without having tax withheld. To do this, fill out Form T3012A, Tax Deduction Waiver on the Refund of Your Unused RRSP, PRPP, or SPP Contributions from your RRSP.

If you made contributions to your RRSP or to your spouse's RRSP or common-law partner's RRSP that you did not deduct for any year and those funds are transferred from that RRSP to a RRIF, you may be allowed a deduction for amounts you or your spouse or common-law partner withdraws from that RRIF for those unused RRSP contributions. Claim this deduction on line 23200 of your return.

This form cannot be used to withdraw unused RRSP contributions that were transferred to a RRIF. The financial institution must withhold tax for withdrawals made without Form T3012A.

Filling out your Income Tax and Benefit Return

Withdrawal made without Form T3012A

The amount should be reported on your income tax and benefit return as follows:

Withdrawal from

Claim the tax the issuer withheld on Line 43700 of your income tax and benefit return.

Fill out Form T746, Calculating Your Deduction for Refund of Unused RRSP, PRPP or SPP Contributions, to calculate the amount you can deduct for the withdrawal.

Withdrawal made with Form T3012A that we approved

The amount should be reported on your income tax and benefit return as follows:

Withdrawal from

Deduct on line 23200 of your income tax and benefit return an amount equal to the unused contributions withdrawn in the year.

Attach a copy of Form T3012A and the related T4RSP or T4A slip to your income tax and benefit return. 

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