Taxreturn Posted March 24 Report Share Posted March 24 Hi, All I have a question about RRSP roll down to next year. For example, my RRSP deduction limit is $5000 in 2023. I contributed $2000 to RRSP in 2023 and first 60 days of 2024. And my employer contributed $2000 during this time as well. So, I have $1000 can be transfer to next year. Does it mean I shall fill 1000 into the cell show in below picture? Quote Link to comment Share on other sites More sharing options...
Geo123 Posted March 24 Report Share Posted March 24 Hello Taxreturn, This entry means the current year RRSP deduction will be $0 and the entire amount is carried forward. Quote Link to comment Share on other sites More sharing options...
Taxreturn Posted March 26 Author Report Share Posted March 26 On 3/24/2024 at 3:28 PM, Geo123 said: Hello Taxreturn, This entry means the current year RRSP deduction will be $0 and the entire amount is carried forward. Hello, Geo123, According to my example (mentioned on ahead) I should input 1000.00 into this cell. Right? Quote Link to comment Share on other sites More sharing options...
Curmudgeon Posted March 26 Report Share Posted March 26 If you put $1,000 into the cell, you will get a $3,000 deduction for 2023 and will carry a $1,000 contribution forward to be used in future years. if you leave the cell blank, your unused $1,000 in contribution room will be carried forward automatically to augment the future contribution limit and you'll get a $4,000 deduction in 2023.. Quote Link to comment Share on other sites More sharing options...
Taxreturn Posted March 27 Author Report Share Posted March 27 Hello, Curmudgeon Thank you for your help. But I am still confused. - I put $2,000 into my RRSP. My employer put $2,000 into my RRSP. It is totally $4,000. "If you put $1,000 into the cell, you will get a $3,000 deduction for 2023 " Why is $1,000 less? Just because of putting $1,000 to the cell? If like this, where is the $1,000? Be transferred back to my normal bank account? - Could you tell me in what situation people need to input to this cell. Why they don't want to transfer unused limit to next year? Quote Link to comment Share on other sites More sharing options...
clw Posted March 27 Report Share Posted March 27 Taxreturn, When you contribute to your RRSP, you can choose to deduct only part of your contribution, and keep the rest for a future year. You would want to do this if your partial deduction reduces your income tax to 0$, there is no point in deducting more. Or, if you anticipate changing tax brackets in a future year. So, if you enter 4000$, you are using all your contributions in the 2023 taxation year. If you enter 1000$, the remaining 3000$ will be available as a deduction next year. Quote Link to comment Share on other sites More sharing options...
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