When were RRSP contribution receipts due?

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Rysto
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When were RRSP contribution receipts due?

Post by Rysto »

This year, I started contributing to my employer's group RRSP. Today I received a contribution receipt for the 2016 tax year, for the contributions made before Feb 28. I hadn't anticipated that this would be coming and I had already filed my taxes, so now I'm going to have to deal with amending my return. When are these slips due? I have never received a contribution receipt so late in the tax year before.
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Peculiar_Investor
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Re: When were RRSP contribution receipts due?

Post by Peculiar_Investor »

RRSP contributions don't follow the calendar year. From Important dates for RRSP, RRIF, HBP, LLP and RDSP
CRA wrote:March 1, 2017 is the deadline for contributing to an RRSP for the 2016 tax year.
You actually have a choice, you can apply those contributions against your 2016 tax return, or include them in your 2017 tax return.

You might want to read T4040 - RRSPs and Other Registered Plans for Retirement - 2016, particularly this tax tip:
CRA wrote:Tax tip

You do not have to claim the full amount of your deductible RRSP, PRPP, or SPP contributions for 2016 (not including transfers). If your taxable income is expected to increase in future years, it may be more beneficial for you to claim only part of your contributions for the 2016 tax year. The contributions you do not claim for 2016 may be carried forward and claimed for future years when you may be subject to a higher tax rate.
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Rysto
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Re: When were RRSP contribution receipts due?

Post by Rysto »

I understand how RRSP contributions work. I just didn't anticipate this RRSP slip because I knew that I would deducting it from 2017 and the 60 days rule didn't occur to me. While I don't have to claim the deduction in 2016, I do have to report the contribution, which is why I'm going to have to amend my return. *sigh*
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AltaRed
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Re: When were RRSP contribution receipts due?

Post by AltaRed »

Tax slips like T3s and RRSPs don't have to be mailed until end of March. I tend to do my first batch of data entries of T5s et al the 2nd week of March and the last batch about Apr 10th, and Netfile circa Apr 20th. Been my routine for years.
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adrian2
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Re: When were RRSP contribution receipts due?

Post by adrian2 »

Peculiar_Investor wrote: 31 Mar 2017 13:37 RRSP contributions don't follow the calendar year. From Important dates for RRSP, RRIF, HBP, LLP and RDSP
CRA wrote:March 1, 2017 is the deadline for contributing to an RRSP for the 2016 tax year.
You actually have a choice, you can apply those contributions against your 2016 tax return, or include them in your 2017 tax return.

You might want to read T4040 - RRSPs and Other Registered Plans for Retirement - 2016, particularly this tax tip:
CRA wrote:Tax tip

You do not have to claim the full amount of your deductible RRSP, PRPP, or SPP contributions for 2016 (not including transfers). If your taxable income is expected to increase in future years, it may be more beneficial for you to claim only part of your contributions for the 2016 tax year. The contributions you do not claim for 2016 may be carried forward and claimed for future years when you may be subject to a higher tax rate.
Actually, you don't have a choice: you must include them in the tax return for 2016.

You can choose to delay deducting all or part of the contributions, using Schedule 7.
If you postpone taking the deduction, you are not limited to the following year, you can delay for longer, should you wish so.

To the OP: it's fairly easy to amend an already filed return; use My Account and enter only the relevant boxes that have changed. Should you wish to delay the deduction, make sure you fill out the boxes on Schedule 7.
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