RRSP contributions made in 1st 60 days

Forum|Forum|2 years ago
December 21, 2023
2 replies
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On the "RRSP - Registered Retirement Savings Plan" form where is the box for "Contributions made between January 1 and March 1, 2023" ?
There are boxes for [March 2 to Dec 31 2023] and [Jan 1 to March 1 2024] but I made my contribution on January 6, 2023 for the 2023 tax year and there is no box for that.

GHarpe

The RRSP contributions you made in January 2023 will need to be added to your 2022 tax year return. You will need to make an adjustment. Please see the TurboTax link below for more information.

How do I enter RRSP contributions in TurboTax Online?

Thank you for choosing TurboTax.

dean-styles-gmaiAuthor

I have been making an RRSP contribution in January for over a decade. CRA says that any contribution made in a tax year can be used for that tax year but your software does not allow me to properly recognize that. So what do I do with the January 2022 contribution? If I add it to my 2021 tax year return what do I do with my January 2021 contribution? Then what do I do with my January 2020, 2019, 2018, ... contributions?

GHarpe

As per the Canada Revenue Agency (CRA): The contribution year is the period that:

begins on the 61st day of a year, the last 10 months (March to December) of the tax year (ordinarily March 2 to December 31 of the tax year)
ends on the 60th day of the following year (ordinarily January 1 to March 1 of the following year)

Each January contribution belongs to the previous tax year, ex: January 2022 contributions are to be declared in the 2021 tax return. You may need to make adjustments to correct this. If you verify your past Notice of Assessments, the CRA may have already made the adjustments needed.

Thank you for choosing TurboTax.

TurboTaxSusan

If you made RRSP contributions prior to March 2, 2023 and did not show them on a previous year's tax return, they are not included on your Notice of Assessment from CRA. You cannot enter these contributions on your 2023 tax return; instead, you must adjust the appropriate year's tax return to show the contribution.

Since you made your contribution on January 6, 2023, this must be reported on your 2022 tax return.