Am I understanding Unused RRSP Contributions properly?
Say for example (rounded numbers to make this easier):
In 2010, I contributed $10,000 to my RRSP. However, instead of claiming the entire amount and getting a tax refund, I only claimed a fraction of this, $5,000.
A few weeks later, I received my Notice of Assessment, which shows my contribution limit of $10,000 for 2011 (net of pension adjustments).
This year, my net income is higher, but I kept my RRSP contribution constant at $10,000. Am I still capped to claim only $10,000 for my RRSP contribution? Or can I claim $15,000 seeing as I didn't claim this portion in 2010?
I'm not sure how the Unused RRSP contribution limit comes into play, but in my case, it is less than the maximum RRSP limit for 2011. Therefore, I'm assuming no penalties will be incurred here.