# Losses in RRSP Self Directed



## johnnysvera (Nov 13, 2015)

I work in the oil patch and ended up putting all my eggs in one basket *thats the only industry I know. 
That basket has collapsed now and I have lost almost all of my RRSP contributions. 

Is there a way I can write this off?


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## HaroldCrump (Jun 10, 2009)

No. Losses in registered accounts like RRSP & TFSA cannot be written off in tax returns.


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## Eclectic12 (Oct 20, 2010)

Only way to write this off is as a learning experience ... from a tax perspective, as said earlier - the answer is no.


Hopefully you'll adjust your investing strategy to avoid this in the future.


BTW - capital losses are only potentially useful in a taxable account. So the same thing applies to a TFSA.


Cheers


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## CPA Candidate (Dec 15, 2013)

You already wrote it off - you never paid tax on the money you contributed and lost. Therefore, your losses are not quite as bad as they seem.

Sleep well knowing the government feels your pain.


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## 0xCC (Jan 5, 2012)

CPA Candidate said:


> You already wrote it off - you never paid tax on the money you contributed and lost. Therefore, your losses are not quite as bad as they seem.
> 
> Sleep well knowing the government feels your pain.


+1 on this, you got the benefit when you claimed the RRSP contribution. The government isn't going to give you a reward for your mistakes as well. The best you can get now is the learning experience and the fact that since you have less to withdraw from the RRSP now the tax bill when you withdraw won't be as high.


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