# RRSP question



## Suzuki12 (Apr 22, 2012)

I've received online my 2014 tax summary and it's exactly what I submitted.

My question is in regards to deduction limits going forward. I have a $600 deduction limit for 2015 which is the same it's been for a number of years. I have a defined benefit pension plan at work.
I also have 2013 unused RRSP contributions of $1387. I don't know why this amount is available as I've been maximizing my RRSP contributions for years. It's been $0 for many years. My guess it's related to being off on medical leave for about 3 months in 2014.

Lastly I have unused RRSP contributions available to deduct for 2015 of $2,649.00. Again not sure of why this amount given I have been maximizing contributions for years.

So, can I contribute an extra $1387 this year, or and extra $2649, or claim one of those amounts in 2015.

Any help would be appreciated.
Thanks,
Glenn


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## OptsyEagle (Nov 29, 2009)

Not sure what you mean by "2013 unused RRSP contributions of $1,387". Was that on your last year's notice of assessment or this years?

You keep saying you don't know where these are coming from. I suggest you find out. You may currently be in the 1% per month penalty zone, since your 2015 unused contributions are $2,649 and your deduction limit is only $600.

So my advice, ignore all other NOA and focus on 2015. This year you can deduct $600 but you already have made $2,649 in contributions, putting you $49 above the $2,000 over-contribution allowance. So STOP putting anymore money into your RRSP until you get rid of that $2,649 of unused contributions. From what you have said, this may take 4 years or so to accomplish.


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## Suzuki12 (Apr 22, 2012)

$1387 was on this years assessment.


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## 0xCC (Jan 5, 2012)

So where is that $2,649 you were referencing coming from?


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## OptsyEagle (Nov 29, 2009)

Not sure why your 2015 NOA would be talking about anything in 2013, but the two important lines for RRSPs are:

Line A: RRSP deduction limit for 2015: I am assuming yours says $600
Line B: Unused RRSP Contributions available to deduct in 2015: I am assuming yours says $2,649

If I am right, it looks to me that you are over-contributed by $2,049 and in penalty zone on $49, unless $49 or more of that $2,049 came from a contribution made in 2015.

In any case, stop contributing to your RRSP until "B" is reduced to zero.


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## Eclectic12 (Oct 20, 2010)

^^^^

Maybe the OP is mixing up numbers from different year NOA's?

The bit I noticed was that the 2013 NOA had the 2014 RRSP Deduction limit on it ... other than that, I recall it all being same year.


Cheers


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## atrp2biz (Sep 22, 2010)

OptsyEagle said:


> Not sure why your 2015 NOA would be talking about anything in 2013, but the two important lines for RRSPs are:
> 
> Line A: RRSP deduction limit for 2015: I am assuming yours says $600
> Line B: Unused RRSP Contributions available to deduct in 2015: I am assuming yours says $2,649
> ...


I believe Line A is the contribution space available for 2015 and Line B is the deductions available. It appears that although you may have contributed to the RRSP, you elected to defer the deduction.


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## Suzuki12 (Apr 22, 2012)

I just talked to the CRA and it turns out I made an incorrect entry on my 2013 return. I was advised to write them a letter to tell them of my mistake. I have not over contributed she assured me. 
Thanks for the input.


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## Eclectic12 (Oct 20, 2010)

... if you want to change a previous return, the way to do it is to do it online if you are setup for "My Account" access or to mail in a T1-ADJ form. http://www.cra-arc.gc.ca/changereturn/

Be advised that where the mistake affects multiple tax years, you need to change or mail a T1-ADJ form * for each tax year*.


I learned this when the CRA data entry clerk made a mistake that resulted in three years worth of RRSP over-contributions, plus penalties plus back interest. When I was able to convince them of the error - I thought they'd key in correct value and add a note, wiping out all the penalties etc.

*I* had to file the adjustments as I "might choose to leave things as they were". Who in their right mind would let bogus penalties & interest charges to the tune of $10K stand for a CRA data entry error? :frown:


Cheers


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## Suzuki12 (Apr 22, 2012)

Eclectic12
Thanks for that, I did make the change that way.


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