You can find the amount of your unused RRSP, PRPP, ou SPP contributions from previous years by going to one of the following:
- the RRSP Deduction Limit Statement, on your latest notice of assessment or notice of reassessment
- a T1028, Your RRSP Information for 2023 that we sent you after processing your income tax and benefit return
- MyAccount for Individuals
- Tax information Phone Service (TIPS)
New unused contributions are reported by filingSchedule 7, RRSP, PRPP and SPP Contributions, and Transfers, and HBP and LLP Activities, with your income tax and benefit return. If you have already filed your income tax and benefit return, fill out Schedule 7 and send it to your tax centre with yourreceipts and a note indicating your name and social insurance number.
If you did not deduct all of the contributions you made to your RRSP, PRPP, or SPP, or your spouse's or common-law partner's RRSP in 1991 and later years,or your spouse's orcommon-lawpartner's SPP in 2010 and later years, you have two options:
- leave the unused contributions in the plan
- withdraw the unused contributions
In either case, you may have to pay a 1% per month tax on the part of your unused contributions that are Excess contributions.
If you withdraw the unused contributions, you have to include them as income on your income tax and benefit return. However, you may be able to deduct an amount equal to the withdrawn contributions that you include in your income. For more information, see Withdrawing the unused RRSP contributions.
