# RSP Unclaimed Deductions



## Saskmom (Sep 28, 2014)

I have unused rrsp contribution room of approx $20,000. Next year I will "retire" from part time work but intend to withdraw lump sums ($25000 to $30000) from rsps for each of the next several years. I also plan to defer oas/cpp until age 70. Question: Could I make a lump sum rrsp contribution now and then use a $5000 deduction in each of the next 4 years when my only income will be rsp withdrawal income?


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## OptsyEagle (Nov 29, 2009)

Yes. You can make an RSP contribution up to the maximum contribution room you have. Once made, you can make the deductions whenever and in whatever amount you want and it will go to reduce any kind of income you have for tax purposes. 

Any contributions made but not deducted will be maintained as "unused contributions" that you will be able to see on your notice of assessment each year.


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## Saskmom (Sep 28, 2014)

Thanks ... Good to know ... More number crunching to do!


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## Guban (Jul 5, 2011)

@Saskmom. Hope you have your TFSA maxed out! Don't think of deferring your RRSP deduction without maxing out your TFSA first! Tax free is better than tax deferred if you don't get the immediate deduction!

Yes, I'm beating on this same drum again!


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