Personal Finance

StudioTax 2020 RRSP Contribution

  • Last Updated:
  • Feb 16th, 2021 4:37 pm
[OP]
Newbie
Feb 15, 2021
2 posts
1 upvote

StudioTax 2020 RRSP Contribution

Can anyone tell me how to correctly fill out RRSP contribution in StudioTax?

I'm trying to finish my 2020 taxes. I contributed in February last year then again in June. When I go to my investments, there are two tax forms. One for Jan-Feb contributions and one for Mar-Dec contributions. But in StudioTax, it only gives me Mar-Dec as an option. Why can't I enter my Feb contribution?
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4 replies
Deal Addict
Oct 24, 2010
1346 posts
1124 upvotes
Ottawa
Jan - Mar 2020 had to be filed in your 2019 return. If this is for Jan - Mar 2020, file a T1 Adjustment request for your 2019 return.

If you mean Jan-Mar 2021, it's the box below what you've circled.
[OP]
Newbie
Feb 15, 2021
2 posts
1 upvote
I'm confused. Why wouldn't I file all my 2020 RRSP contributions to my 2020 tax return?

Edit: Okay, I figured out what happened. For the past few years, when I got a bonus, my employer paid out the bonus in March. But this year, they paid it out in Feb, so, I have to file my Feb 2020 bonus with my 2019 tax return.

Thanks.
Deal Addict
Oct 24, 2010
1346 posts
1124 upvotes
Ottawa
MonsterCable wrote: I'm confused. Why wouldn't I file all my 2020 RRSP contributions to my 2020 tax return?

Edit: Okay, I figured out what happened. For the past few years, when I got a bonus, my employer paid out the bonus in March. But this year, they paid it out in Feb, so, I have to file my Feb 2020 bonus with my 2019 tax return.

Thanks.
My wife receives an employer RRSP contribution early in the year. We're always holding our breath on whether it gets paid out in time to meet the RRSP deadline.

But, yes, RRSP contributions filed with your taxes are based on the RRSP season: March in the year of the tax filing to Feb in the year after (ex: March 2020 - Feb 2021 for the 2020 filing).
Deal Addict
Oct 24, 2010
1346 posts
1124 upvotes
Ottawa
I should add....

When you file your adjustment, you don't need to use what was contributed in February of 2020 on your 2019 taxes. You can carry over that tax deduction and use it on your 2020 tax filing if that gives you more benefit.

You'll get a Notice of Reassessment in response to your adjustment request. That will give you your revised contribution room and, if applicable, deduction carried over. If you choose to claim it on the 2019 filing, you'll get a tax return. You may need to wait until you receive that Notice before filing your 2020 taxes.

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