RRSP's carryied forward?

Question

I am trying to do my own return this year... How do I tell if I have RRSP contributions that were carried forward? Is this mentioned on my last return or on the assessment from CRA? I have a difficult time figuring this out? Thank you.

Answer 1

Generally, the amount you can contribute to your own RRSPs or your spouse's RRSPs, or your common-law partner's RRSPs for a given tax year without tax implications is determined by your RRSP deduction limit. This is often called your 'contribution room'.

Your RRSP deduction limit is shown on the latest Notice of Assessment, Notice of Reassessment, or on form T1028, Your RRSP Information for 2006 that was sent to you after processing your 2005 return.

I highly recommend getting a "My Account" set up with Canada Revenue Agency on their website at http://www.cra-arc.gc.ca/eservices/tax/individuals/myaccount/menu-e.html

Once you have that set up, you can check the status of your return, see your RRSP contribution limits, view prior tax returns, and even create the paperwork for your passport application and shorten your waiting time when you go in to file your paperwork (we did our applications online, and when we went in with our paperwork we got to jump ahead of 115 people in line).

I hope this helps.

Answer 2

There is a pageon your assessment from the previous year that shows this info. You can always call cra to get that info too.

You will need to provide your net income from last year. I dont' remember the number but you might find it on their site.

www.cra.gc.ca