Wednesday, May 2, 2018

review_RRSP_deduction_of_TaxYear2014

How to check if your RRSP contributions deducted from your income? This article discuss it with example of tax year 2014.

As we know, RRSP deduction is MIN(deduction_limit, contributions_of_the_year), normally, deduction_limit is larger than contributions_of_the_year, so we simply query from 2014 Assessment's Schedule 7 at line 245 which is added from:

  • your PRPP contributions made from March 4, 2014, to December 31, 2014
  • your PRPP contributions made from January 1, 2015, to March 2, 2015

From 2014 Notice of Assessment, you will see `Deductions from total income` is the same as line 245. If you decide that `Deductions from total income` and line 245 happen to be the same. We can get back to 2014 Assessment's RRSP deduction at line 208 and recheck it.

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