How do I defer some of my 2022 rrsp contributions until next year? I looked at Schedule 7 but it is not clear. I want to wait to deduct an amount until 2023.
How do I defer some of my 2022 rrsp contributions until next year? I looked at Schedule 7 but it is not clear. I want to wait to deduct an amount until 2023.
You can change the amount of RRSP contributions that get carried forward (to reduce your taxable income in a future year) by changing the amount you’d like to claim this year.
Note:The amountavailablefor deductionminusthe amount youdeductequalsthe amount that getscarried forward.
Select one of the options provided for instructions on how to change the amount you carry forward in TurboTax.
Instructions for TurboTax Online
Note:Before beginning, fill out your personal information and build your tax profile in TurboTax to ensure optimal results. TheFindbutton won't appear until these steps are complete.
SelectFind(or the magnifying glass icon) from the menu
EnterRRSP Contributionsin theFindwindow
SelectRRSP Contributions to be Carried Forwardand then selectGo
On theRRSP/PRPP and SPP Carry Forwardstep, TurboTax displays the amount of contributions exceeding your limit. This amount is automatically carried forward
To adjust how much of this tax year’s contributions get carried forward:
Next toRRSP/PRPP contributions you are deducting, enter the amount you’d like to deduct this year and then selectContinue. The remainder will get carried forward
For example: TurboTax shows that $3,000 is available to deduct in the current tax year. If you’d like to carry forward $2,000, enter the remainder ($3,000 - $2,000 = $1,000) of $1,000 in the space provided next toRRSP/PRPP contributions you are deducting. This means that $1,000 will be deducted in the current year and the remaining $2,000 will be carried forward