Unused RRSP contributions

Your unused RRSP contributions from previous years are on your RRSP Deduction Limit Statement shown on your latest Notice of Assessment or Notice of Reassessment or on a T1028, Your RRSP Information for 2006.

You can also determine your unused RRSP contributions by registering for My Account. Once you've registered and received your password, you can sign in and access your RRSP Deduction Limit Statement online.

Unused contributions are reported by filing Schedule 7, RRSP Unused Contributions, Transfers, and HBP or LLP Activities with your return. If you have already filed your return, complete Schedule 7 and send it to your tax centre with your RRSP receipts and a note indicating your name and social insurance number.

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.

In either case, a tax may apply to the unused contributions. For details, see Excess contributions.

If the unused contributions are withdrawn, you have to include them as income on your return. However, you may be able to deduct an amount equal to the withdrawn contributions that you include in your income.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 unused RRSP contributions.