# RRSP first 60 days



## Pano (Oct 16, 2012)

Can anyone tell me if my RSP contributions in the first 60 days of 2014 be used for my 2014 deductions. Can it be used for 2013 and 2014?

For example: If I contribute say $5000 in Jan/Feb 2014 can this be applied for deduction in 2014 taxes or could I choose to put some for 2013 and some for 2014? ie: $2000 for my 2013 and $3000 for my 2014 taxes.

Thanks in advance


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## Guban (Jul 5, 2011)

Contributions can be deducted on your 2013 and later returns, split any way that you like. You can defer the deduction to 2014, or 2015, or 2016, ... This may be advantageous where you will have higher income in future years and you've already maxed out your TFSA, as it gets started the tax deferred growth sooner.


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## Eclectic12 (Oct 20, 2010)

+1 ... Schedule 7 line 3 records the RRSP contributions made in the first sixty days, line 10 records the deduction being claimed in the current tax year & line 14 records contributions made that have not been deducted, which will be carried forward to future years.

Make sure when the NOA is received, the "Your 2013 RRSP Deduction Limit Statement", part B "Unused RRSP contributions" has the matching amount as line 14.


In the tax year you want to claim it, you just need to remember about it so that you can put the amount to be deducted into line 10.


Cheers


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## Pano (Oct 16, 2012)

Great!

Thank you for the responses.


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