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RRSP Contributions Not Reported on Previous Year Tax Return.  What Now?

It is necessary to include all RRSP contributions made in the first 60 days of the current year on Schedule 7 of the tax return for the past tax year, even if you are not claiming a deduction for the contribution for the past tax year.

You may have made an RRSP contribution in the previous year, but didn't record this on your return.

If you made RRSP contributions from March 2, 2022 to March 1, 2023, this should have been included on Schedule 7 which was filed with your 2022 tax return.  If you omitted any of the RRSP contributions during that period from Schedule 7, you will have to file an adjustment to your 2022 tax return.  You should be able to file a T1Adj online without submitting receipts, and if Canada Revenue Agency wants to see copies of the receipts they will request them from you.  See our article on changing your return.  If you only want to record the contributions, and not claim a higher RRSP deduction, you will be requesting a change to line 24500 (line 245 prior to 2019) of Schedule 7.  This is the line for total contributions made from March 2, 2022 to March 1, 2023, or the equivalent period if you are doing years prior to 2021.  If you are doing this online in "My Account", just search for the phrase schedule 7 when you get to the page that asks you to "Enter text or line number, or select a section."  This will bring up the lines available to be changed from Schedule 7.

You then have 2 options regarding your 2023 tax return:

    1.  Wait for the reassessment notice for your 2022 tax year before filing your 2023 tax return (as long as you can still file for 2023 by April 30th), including the 2022 contribution as a carry-forward from 2022, or

    2.  File your 2023 tax return without the carry-forward from 2022, and subsequently file a form T1Adj (as above, can be done online) requesting a change to your 2023 tax return to include the carried-forward contribution from 2022, and to claim the RRSP deduction.

Canada Revenue Agency (CRA) Resources

Read the instructions on Schedule 7 to find out if you have to fill it out.

Tax Tips:

Get that T1Adj done as soon as possible, to avoid delays with the upcoming tax return!

Make sure you report your RRSP contributions in the first 60 days of this year on the tax return for the prior year!

Revised: September 20, 2024