# Which RRSP amount/form to use?



## tmlmom (Jan 30, 2011)

Hi! 

I am fairly new to the site and have mostly been lurking and learning.

I have a n00b question to ask about claiming RRSP amounts on my tax return.

I get the 'official' RRSP contribution form with the amount of contributions for 2010 and Jan-Mar 2011, but I also get a portfolio summary with the contributions plus the actual value of the investments. What number am I supposed to include on the tax return? And for one of the investments, I *only* get the bank statement that includes the total value. 

Thanks in advance for the help!


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## Four Pillars (Apr 5, 2009)

You claim the 2010 contributions plus the Jan-Mar 1 2011 contributions.

If you already claimed the Jan-Mar 1 2010 contributions, you can't claim them again.


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## OptsyEagle (Nov 29, 2009)

Use only the official RRSP contribution receipts provided to you by the financial institutions that you made contributions to.


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## the-royal-mail (Dec 11, 2009)

Welcome to these forums!

Further to the above, the only form that matters is the official form you receive for income tax purposes, at the time you make your contribution. If you contribute $2000, and that's what it says on your receipt, then that's the amount you claim on your tax return. The value of the account is not relevant either in present or future years.


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## tmlmom (Jan 30, 2011)

Thanks for the information!

I think I understand now. Only actual contributions (not existing funds) count towards a tax deduction? 

How about RRSP's that are automatically re-invested? I have a CIBC GIC that kept rolling over each year.


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## stardancer (Apr 26, 2009)

tmlmom said:


> Thanks for the information!
> 
> I think I understand now. Only actual contributions (not existing funds) count towards a tax deduction?
> 
> How about RRSP's that are automatically re-invested? I have a CIBC GIC that kept rolling over each year.


If you are rolling over a gic within the RSP, then it is not a new contribution. The gic is considered existing funds.


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## tmlmom (Jan 30, 2011)

Got it! Thanks for the help!


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## w0nger (Mar 15, 2010)

without having to create a new thread...

I've got some RRSP contributions from the first 60 days of 2010 that i still need to report, can i just add them to the Schedule 7 for the current tax year? or do i need to submit it on a Schedule 7 from 2009 ??


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## OhGreatGuru (May 24, 2009)

I believe you are going to have to file a request for adjustment to your 2009 Return, even if you choose to carry over the deduction to 2010.

From the T1 General Guide for 2009:

_Include on these lines all contributions you made from January 1, 2010, to March 1, 2010, *even if you are not deducting or designating them on your return for 2009*.
Otherwise, we may reduce or disallow your claim for these contributions on your return for a future year. _

PS: See this thread on filing for adjustments to previous years' returns. http://www.canadianmoneyforum.com/showthread.php?t=6425


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## Rico (Jan 27, 2011)

From Schedule 7:

*Complete this schedule, and attach it to your return only when one or more of the following situations applies:*
You will not be deducting on your return for 2010 all of the unused RRSP contributions, amount (B) of "Your 2010 RRSP Deduction
Limit Statement" shown on your latest notice of assessment, notice of reassessment, or T1028, Your RRSP Information for 2010.
You will not be deducting on your return for 2010 all of the RRSP contributions you made from March 2, 2010, to March 1, 2011.
You have transferred to your RRSP certain amounts you included in your income.
You are designating contributions made to your RRSP as a 2010 repayment under the Home Buyers' Plan (HBP) or the Lifelong
Learning Plan (LLP).
You withdrew funds from your RRSP in 2010 under the HBP or the LLP.

*If none of these situations apply to you, do not complete this schedule, and only enter your total RRSP contributions on line 208 of your
return. For more information, see line 208 in the guide.*


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## Rico (Jan 27, 2011)

AND YET:

(regarding line 208 on the return):

If you deduct an amount for 2010 that you contributed to an RRSP from March 2, 1995, to March 1, 2010, which you had not previously deducted, you should have completed and filed a Schedule 7, RRSP Unused Contributions, Transfers, and HBP or LLP Activities, for these contributions. If you did not, you should submit a copy of appropriate Schedule 7, along with the appropriate RRSP receipts, to your tax centre, separate from your 2010 return.

***
So it looks like you either go this route or do a T1 adjustment.


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## Taxsaver (Jun 7, 2009)

stardancer said:


> If you are rolling over a gic within the RSP, then it is not a new contribution. The gic is considered existing funds.


Deductions are only for salary/self employment income, right?


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## Taxsaver (Jun 7, 2009)

Taxsaver said:


> Deductions are only for salary/self employment income, right?


Wrong! You can make lump sum payments which could come from another source than a paycheque.


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