# Forgot to claim RRSP contributions



## razz (Oct 21, 2014)

Hi Folks, 

Just going over my taxes, and it appears I've manged to forget to claim my 2009 RRSP contributions. If CRA does not allow for adjustment as it have been more than 3 years. Does the 2009 RRSP contribution still count? If I take out the RRSP money later from my account would I have to pay tax on it? In effect being taxed twice? Or does it simply not count as a contribution, and I can withdraw the money?

Cheers, 
raczyk


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## Guban (Jul 5, 2011)

CRA will allow an adjustment to your 2009 tax return to show the RRSP contribution. You should have 10 years to file a T1 Adj. Otherwise it will be double taxed on the way out.

One question you should be asking yourself is when you want to take the deduction. Do you want to take the deduction in 2009, or in a combination for any years thereafter. If your income has increased into a higher tax bracket, take the deduction in the higher income year(s). Many people want their tax refund money sooner, but in your situation, you've had to wait anyways. ie you won't get the refund sooner by taking the deduction in 2009 vs any later year such as 2011.


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## leslie (May 25, 2009)

also note that 
a) there is no requirement to claim the tax deduction in the year of contribution. It can be carried forward indefinitely. This allows you to use it in a later year in a possibly higher tax bracket. But there is an unseen Penalty growing over time as you delay the claim. So only delay for a few years at most.
b) taking the $$ out is a bad idea. The point was to increase your savings no? That would just destroy contribution room.
c) when making future contribution decisions DO NOT USE the $$ on the box at the bottom of the tax assessment the gov sends you after filing. The box is clearly NOT labelled as the running total of your Contribution Room, but many many many talking heads tell you to consider it so. The different numbers are only the same when there is NO contribution for which a deduction has not already been claimed.


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## OhGreatGuru (May 24, 2009)

raczyk said:


> Hi Folks,
> 
> Just going over my taxes, and it appears I've managed to forget to claim my 2009 RRSP contributions. ...


Since contributions get reported to CRA by financial institutions, are you quite sure they haven't already recorded them as "undeducted contributions" and carried them forward? Check all your NoA's. If they have recorded them, you don't need to adjust 2009 unless you wish to claim them as a retroactive deduction.


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## Toronto_Boy (Apr 9, 2013)

Hi,
I have a similar situation as well; but my contribution date is much older (2005).
While going through some old financial documents; I realized I didn't claim my 2005 contribution of $5k.

Reading the above thread .... it appears there are two options available ...
1) Submit a T1 Adj for the 2005 return; still within the 10 year limit. Only challenge I have with this is ... I have subsequently maxed out my RRSP limits; so this may not be an option.
2) Show the missed amount as a contribution for the future years.

Any comments / suggests are appreciated. Thanks


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## AltaRed (Jun 8, 2009)

First of all, do what OGG suggested in his post directly above yours. Check all your NOA's from 2005 onward to see if CRA did not automatically count the contribution already. They probably have based on institutional submissions to CRA. 

If they have, the only thing you may not have done is possibly not actually used the deduction.... which can be used in any year since 2005, including this coming year, or the year of highest income tax marginal rate to maximize bang for your buck.

If CRA has not already noted your 2005 contribution in an NOA, then in theory you have overcontributed somewhere between 2005 and now AND technically have been in penalty territory for some period of time (without CRA's knowledge) and could have accumulated a significant amount of penalty. You cannot count the 2005 contribution as a contribution in forward years because you do not have a current year tax slip showing the contribution., i.e. a 2015 tax slip for the 2015. tax year.

You need to meticulously go through your records to see where your ontributions and deductions are matched or mismatched and how they line up with what is on your Notice of Assessments from CRA.


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