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Unused RRSP contributions previously reported and available to deduct for 2020


Goozman
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In my 2019 Notice of Assessment, the second last line says:  "Unused RRSP contributions previously reported and available to deduct for 2020".  And there is a positive amount for this line.  The final line "Available contribution room for 2020" indicates a positive number as well.  

I have already contributed just under the amount shown for the "Available contribution room".  But, I don't understand what to do for the "unused RRSP contributions..." amount.  Does this mean that I can contribute this amount, on top of what is shown for my final "Available contribution room"?  Or, Can I just claim this amount, without having to contribute, because it says "previously reported and available to deduct..."?

Thank you.

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Hi Goozman, the amount "Unused RRSP contributions previously reported and available to deduct for 2020" is not what you can contribute but what you can deduct in 2020. You contributed last year but didn't deduct the amount so it's reported to this year for the deduction on your tax return.

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  • 4 weeks later...

Thank you very much Nawal. But I did not contribute to my RRSP last year at all. I don’t recall any other year where I may have contributed but not claimed. I can’t get a hold of anyone at Revenue Canada to answer this. If I claim this as a deduction will I be penalized later?  Thank you. 

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Hello Goozman. Look at your last NOA for the RRSP area. You will see an Eligible RRSP amount as well as an Unused amount. The Available amount is the difference between those two. If you can access your file online at CRA you will be able to trace back over the years your RRSP contributions and deductions. Reconcile that report with your tax returns to determine what year the Unused amount started. The software will claim your current year contributions plus the unused amount and will deduct an amount up to your current eligible amount. Make sure you have entered the Unused amount to your data input section as well as your Eligible Amount and your Contributions.

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