FiletoOWN Posted March 19, 2023 Report Posted March 19, 2023 Hello, Can someone explain what this means "Total unclaimed RRSP contributions", which is different from the NOA where it states "Unused RRSP contributions previously reported and available to deduct for 2022" equal to zero. How would I claim the amounts Total unclaimed RRSP contributions for those previous years using the Ufile for Windows 2022? Thanks Quote
Geo123 Posted March 19, 2023 Report Posted March 19, 2023 Hello FiletoOWN, If you have an unused contribution to your RRSP from the first 60 days of 2021, the reporting method will depend on the actual situation. If the amount was reported in 2021 and not used in 2021, therefore carried over to 2022, then it is an unused contribution and the UFile program would have carried it over to 2021. IF you have a RRSP from the first 60 days of 2021, and it was never reported before, then you have to make an adjustment to your 2021 tax return or if you successfully NetFiled your 2021 tax return you can ReFILE your 2021 return after you have made the entry into your 2021 return. Quote
FiletoOWN Posted March 20, 2023 Author Report Posted March 20, 2023 Hello, See comments in line: If you have an unused contribution to your RRSP from the first 60 days of 2021, the reporting method will depend on the actual situation. -I do not have unused contributions as NOA shows zero as stated in my question. If the amount was reported in 2021 and not used in 2021, therefore carried over to 2022, then it is an unused contribution and the UFile program would have carried it over to 2021. -I do not have unused contributions as NOA shows zero as stated in my question. IF you have a RRSP from the first 60 days of 2021, and it was never reported before, then you have to make an adjustment to your 2021 tax return or if you successfully NetFiled your 2021 tax return you can ReFILE your 2021 return after you have made the entry into your 2021 return. -there were no contributions made in the first days of 2021, hence, nothing to report. Ufile is showing ""Total unclaimed RRSP contributions" for previous years (going back to 1999 for my tax returns) after downloading the data from CRA in the section CRA-Autofill-my-return. It is possible that these amounts were not "claimed" or used for gross income deduction. That is, RRSP contributions were reported but the full amount were not entirely claimed for those years. Hence, a balance remained. How do I go back to claim them? Thanks for replying. Hope you can help further. Quote
Suzka Posted April 29 Report Posted April 29 Did you ever find out the answer to this? I have the same question Quote
Geo123 Posted April 29 Report Posted April 29 Hello Suzka, If you have an unused contribution to your RRSP from the first 60 days of 2023, *the reporting method will depend on the actual situation.* **If the amount was reported in 2022 and not used in 2022**, therefore carried over to 2023, then it is an unused contribution and the UFile program would have carried it over to 2023. Complete this section only if an amount of Unused contributions is shown on your latest federal 2022 Notice of assessment or Notice of reassessment. ***IF you have a RRSP from the first 60 days of 2023, and it was never reported before***, then you have to make an adjustment to your 2022 tax return or if you successfully NetFiled your 2022 tax return you can ReFILE your 2022 return after you have made the entry into your 2022 return. OTHERWISE Generally, you have to pay a tax of 1% per month on excess contributions that exceed your RRSP/PRPP deduction limit by more than $2,000 unless you: withdrew the excess amounts. contributed to a qualifying group plan If you over-contribute $2,000 or less to your RRSP, you cannot deduct those excess contributions from your taxable income, but you are not charged a penalty on those contributions either. Excess contributions over the $2,000 mark, however, are charged a penalty. Quote
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