RRSP worksheet

This worksheet is for calculation purposes only. Do not file it with your tax return.

If you need to calculate the amount of your RRSP limit, or you transferred amounts to your RRSP (see Transfers to registered plans), complete the RRSP worksheet to determine the amount of your RRSP deduction for line 20800.

To find this worksheet, use Form Lookup and enter the keyword rrsp.

If you have made Home Buyers' Plan or Life Long Learning Plan withdrawals or repayments, complete the Home Buyer's Plan or Lifelong Learning Plan worksheet, then review the RRSP worksheet.

Note: To carry forward contributions and use them next year, enter the amount to carry forward in Section 1 of the worksheet, on line (ii). The maximum amount you can carry forward is shown on line (i).

Completing the worksheet

Section 1: Calculating your RRSP deduction for 2023: Your RRSP deduction is limited to the total of the following:

Your 2023 RRSP deduction limit (as in Section 3 or your Notice of Assessment) plus

Any designated transfers of income eligible for transfer.

You do not have to use the deduction for RRSP contributions in the year in which you make the contributions. If your income in a tax year is low, it may be better to carry forward the RRSP contributions and claim them in a future year when your income is higher.

To carry forward some or all of your RRSP deduction to a future year, complete line (ii).

Note: Contributions made to the Saskatchewan Pension Plan will count towards your RRSP contribution limit.
Section 2: 2024 RRSP carryforward amounts: You may have made a contribution to your own RRSP or your spouse's or common-law partner's RRSP that you did not deduct on any income tax return. This could happen if you made a contribution to your RRSP that is more than your RRSP deduction limit for the year. It could also happen if you chose not to claim an RRSP contribution you made in a year.
This section summarizes any undeducted contributions available to carry forward. Enter or change the amount to carry forward in Section 1 of the worksheet.

Also, if you contributed less than your deduction limit, the difference is added to your deduction limit next year.
Section 3: Calculating your 2023 RRSP Deduction Limit: Your 2023 RRSP deduction limit is based on your 2022 earned income and pension adjustments.

If you used TurboTax in 2022 and carried forward last year's return, this amount carries forward. However, you should compare this amount to the RRSP deduction limit on your 2022 Notice of Assessment.

If you have your 2022 Notice of Assessment, enter your 2023 RRSP deduction limit in the T-Slip entry screen. You can also obtain your 2023 RRSP deduction limit from the CRA's TIPS Service.

If you did carry forward your return and you do not have your Notice of Assessment, you can calculate your 2023 RRSP deduction limit in section 3, by entering your 2022 earned income, any pension adjustments, and your 2022 unused deduction room.
Section 4: Excess RRSP contributions subject to a penalty tax in 2023: If you have an amount on the last line of Section 4 of the worksheet, access the appropriate T1-OVP form from the CRA Web site, or by contacting the CRA.

If you do have an overcontribution, see Tax on overcontributions for details.
Section 5: Calculation of your 2023 earned income: Most of this section is completed for you. If you disposed of eligible capital property, complete line 18.
Section 6: Calculating your 2024 deduction limit: Your 2024 RRSP deduction limit is based on your 2023 earned income. Most of this section is completed for you. If you have a pension adjustment reversal or net past service pension adjustment for 2024, enter it in this section.
Section 7: Calculating your 2024 non-deductible PRPP deduction limit: Most of this section is completed for you.
Section 8: 2024 unused deduction room: This section is completed for you.
Section 9: Excess RRSP contributions which may be subject to a penalty tax in 2024: This section is completed for you. For information about excess contributions, see Section 4, "Excess RRSP contributions subject to a penalty tax in 2023" and Tax on overcontributions.