Investing

RRSP contribution 2020 or 2021 - Interactive Brokers

  • Last Updated:
  • Apr 11th, 2021 9:50 am
[OP]
Member
Jul 3, 2009
318 posts
48 upvotes

RRSP contribution 2020 or 2021 - Interactive Brokers

I transfered some funds to my RRSP account at Interactive Brokers around Feb 12, and I chose contribution year of 2020. Now when I am ready to file tax, and I notice IB list my contribution under 2021 tax year, with date of March 1 2021, but lists the amount in "During the first 60 days". When I check CRA website, they didn't receive this form either for 2020.

In the past when I contribute to Questrade before end of Feb, it would always show up under previous year. I am wondering if this a reporting issue with IB, do I need to contact them to have it adjusted or am I ok just file that contribution to CRA as 2020 contribution
5 replies
Deal Expert
User avatar
Dec 12, 2009
20907 posts
9163 upvotes
Toronto
First 60 day contributions can be applied to the current year or the previous year. You are good to go.
̶K̶o̶o̶d̶o̶ ̶$̶4̶0̶/̶6̶G̶B̶
Public Mobile 2016 fall promo, $23/1GB, $38/5GB
Fido $0.00/4GB+tablet
Tangerine Bank, EQ Bank, Simplii
Deal Addict
Sep 2, 2009
1706 posts
1455 upvotes
Ottawa
hpad06 wrote: "During the first 60 days".
This is the key part. While it is a contribution in 2021, the rules allow for a contribution during the "first 60 days" to be applied in the previous year (2020).
[OP]
Member
Jul 3, 2009
318 posts
48 upvotes
thanks, IB is new to me, they put it for 2021 tax really confused me. I will file it for 2020.
Deal Addict
User avatar
May 11, 2014
4702 posts
5670 upvotes
Iqaluit, NU
It doesn't change anything. When you file taxes you just denote the date range of when the RRSP contribution was placed. Usually you should have a section stating March 1~ December 31, 2020 and January 1~Feb 28, 2021. As long as the transaction was placed in the time frame, you are fine.
Support your local Credit Union!

Sask Pension Plan Upto $6600/yr in Credit Card spending on RRSP contributions
http://forums.redflagdeals.com/sask-pen ... ns-2167222

Top