Personal Finance

Adjust RRSP deduction from previous year

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  • Feb 28th, 2014 11:58 am
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Feb 26, 2014
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Adjust RRSP deduction from previous year

Hello. I would like to know if it's possible to adjust the RRSP deduction (line 208) in my T1 of 2012 to a higher amount.

My situation: I reported 1000$ on that line in 2012 but my unused RRSP contribution was about 9000$. I decided at that time to apply it in 2013 instead...

I'm filling my taxes for 2013 and I found out I would have got about 1000$ more if I reported that amount in 2012 instead of 2013. I got an expected raise at my work in summer 2013 that keeps my net income in a superior tax bracket, even after the 9000$ deduction, and of course I can't have the GST/Solidarity tax credits.

Entering that 9000$ in 2012 would have change my net income to a lower tax bracket, and receive GST credit and solidarity tax credit (I'm in Quebec).

I know it is possible to fill an T1Adj and a TP-1.R-V to correct an amount, but I would like to know if any of you knows or have aleady done this previously for RRSP deduction. I saw posts where people were lowering their deduction, but in my case I would like the augment it.

Do you know also if the CRA and Revenu Quebec will pay the GST and Solidarity tax credit if I become eligible for 2012 tax year after my 2012 adjustment?

Thank you.
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