RRSP contibutions from 1st 60 days/2006, where not mentioned on my 2005 income tax return. What do I do now?

Answer 1

you can either file them on 2006 return or apply them to 2005's return and CCRA will reassess it. submit it with a schedule 7..

Answer 2

Even though the RRSP contributions were for the first 60 days of 2006, you will not be able to apply them to your 2006 return. You will have to file an adjustment return (T1-adj) to add them to 2005 if you are sure you didn't claim them last year. You can print out a copy of this form on the CRA website. Here's the link for the form:
http://www.cra-arc.gc.ca/E/pbg/tf/t1-adj/t1-adj-07e.pdf
You can always do it through a tax agency, but if you can figure it out yourself, it doesn't cost anything. Expect a wait, though, for it to be processed. This is a very busy time of year. Good news is that you'll get a refund. Woohoo! =)


P.S. Schedule 7 is for amounts that you had previously claimed, but did not deduct on your last return. Any amount of unused amounts will be detailed on your notice of assessment. For amounts that you did not claim, you need to file an adjustment request.

Answer 3

If you did not deduct all the contributions you made to your RRSP or a spousal or common-law partner RRSP, you have two options:

you can leave the unused contributions in the plan; or
you can withdraw the unused contributions.

If you made contributions in the first 60 days of 2006 or an earlier year, and you did not claim them in the previous year, you should have completed and filed a Schedule 7 for that previous year. If you did not file a Schedule 7 when it was required, complete one and submit it to your tax centre. By doing so, you will avoid having your deduction for contributions made in the first 60 days of the year, or in an earlier year, reduced or disallowed.

The link for the Schedule 7 is http://www.cra-arc.gc.ca/E/pbg/tf/5000-s7/README.html.

Answer 4

send the information and supporting documents into revenue canada..you can still adjust you 2005 claim...not sure but you may be able to use it you 2006 claim....I have had claims adjusted before..It's really quite easy....just go on the Revenue Canada website.

Answer 5

go ahead and apply it to your 2006 return as long as you're sure you didn't use it last year.

BUT if you have no income this year I would suggest sending an adjustment to your income last year IF you made money last year. If you made money this year forget the adjustment as its a bit complicated to make one yourself unless you had a tax preparer do for you last year.