RRSP deduction deferral

Tax Topics
1

I’ve never had a client ask this question before.

She made an RRSP contribution for 2024 but now is asking if she can defer claiming a portion of the deduction till next year. She anticipates that she’ll be making substantially more in 2025 than she did in 2024 and wants to ‘save’ some of the deduction by carrying forward the contribution and claim it on 2025’s tax return. The contribution will give her a substantial refund this year but would give her even more next year.

My first question: is this allowed?
Second question: how to do it in TaxCycle without causing the dreaded overide?

2

Sure it’s allowed. On the RRSP input page, scroll to the bottom. You’ll see a line that says “Do you wish to claim a different amount?”. Enter Yes and put the amount you wish to claim in the box to the right of that Yes/No field.

3

Simple… happens from time to time.

On the same page you input the RRSP contributions.. scroll to bottom.. Select YES, to claim a different amount

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4

I must have looked at that half a dozen times and never saw it.

It’s been a looooong day.

Thanks

5

thank you.