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Turbo Tax - I made a RRSP Contribution in January 2014 for my 2014 return NOT 2013

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  • Jan 21st, 2014 1:50 pm
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[OP]
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Aug 3, 2010
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Turbo Tax - I made a RRSP Contribution in January 2014 for my 2014 return NOT 2013

Can someone clarify this for me...I have maxed out my contribution limit for 2013 and so i cannot contribute anymore for 2013. Contributions for 2013 have a cut off date of March 2(?) 2014 (the first 60 days of 2014). However, i recently made a contribution (Jan 15) into my RRSP specifically intended for my 2014 return (when i do it next year) -- i do not want this contribution being interpreted as for 2013.

I believe this is fine to do since we are in 2014 but i need to know how i clarify this to CRA so they dont think i actually over-contributed in 2013 which is not my intention!

I am using Turbo Tax 2013. How do i make that distinction clear using this application?
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Deal Addict
May 2, 2007
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Should've waited until after the deadline for 2013
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Oct 24, 2011
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Timmins
brand404 wrote:
Jan 21st, 2014 8:29 am
Can someone clarify this for me...I have maxed out my contribution limit for 2013 and so i cannot contribute anymore for 2013. Contributions for 2013 have a cut off date of March 2(?) 2014 (the first 60 days of 2014). However, i recently made a contribution (Jan 15) into my RRSP specifically intended for my 2014 return (when i do it next year) -- i do not want this contribution being interpreted as for 2013.

I believe this is fine to do since we are in 2014 but i need to know how i clarify this to CRA so they dont think i actually over-contributed in 2013 which is not my intention!

I am using Turbo Tax 2013. How do i make that distinction clear using this application?
Schedule 7- http://www.cra-arc.gc.ca/E/pbg/tf/5000-s7/README.html
line 2- report the contribution you made in 2013 (March through December)
line 3- report the contribution you made in Jan 2014
line 13 & 16- report the RSP deduction limit for 2013
line 17- the amount you will carry forward to 2014; this figure will eventually show on your notice of assessment

Not sure of how to do it in Turbo Tax, but the program should have a way to complete schedule 7
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Aug 17, 2008
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Quebec
starboy869 wrote:
Jan 21st, 2014 8:52 am
Should've waited until after the deadline for 2013
No, you are wrong.
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Aug 3, 2010
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sierra112 wrote:
Jan 21st, 2014 9:00 am
Schedule 7- http://www.cra-arc.gc.ca/E/pbg/tf/5000-s7/README.html
line 2- report the contribution you made in 2013 (March through December)
line 3- report the contribution you made in Jan 2014
line 13 & 16- report the RSP deduction limit for 2013
line 17- the amount you will carry forward to 2014; this figure will eventually show on your notice of assessment

Not sure of how to do it in Turbo Tax, but the program should have a way to complete schedule 7

Yay! Thanks very much for the details. I was getting butterflies that i may have totally messed up by accident. Turbo Tax has a "Forms" option so i can add the #s in directly so your steps are very, very helpful

Thanks very much!
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Feb 19, 2010
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starboy869 wrote:
Jan 21st, 2014 8:52 am
Should've waited until after the deadline for 2013
It's OK to not respond to these threads if you don't know the answer. That's what you should have done in this case.
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