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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Sunnysof on December 06, 2017, 12:21:10 AM

Title: RRSP contribution room from past years- how much?
Post by: Sunnysof on December 06, 2017, 12:21:10 AM
This is probably a basic question but I am getting confused by articles on the net. Where can I find (or how to calculate) the sum of my RRSP contribution room from years past where I did not contribute up to the max? My notice of assessment gives me a figure for my total contribution room for the next tax year, but this does not seem to include previous years room.
For example, I have been contributing about $5000-10000 per year for the last 5 years, but usually would have about 10-15k more room. So it seems I should have at least $50000 contribution room from the past 5 years, but my notice amount is for $40k.
Do I have to go through all my past year notices and add up the leftover contribution room? Does the room not carryover indefinitely?
Title: Re: RRSP contribution room from past years- how much?
Post by: Aminul on December 06, 2017, 07:58:16 AM
You can sign in to the My Account on the the RCA website and you can view your remaining contribution space.  The contribution space does carryover indefinitely. 

https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/account-individuals.html
Title: Re: RRSP contribution room from past years- how much?
Post by: andreamac on December 06, 2017, 10:09:01 AM
Your notice of assessment should be accurate and I would not recommend contributing more than that amount otherwise you may get penalties.
Title: Re: RRSP contribution room from past years- how much?
Post by: okits on December 07, 2017, 02:48:50 AM
+1 the NOA should be accurate.  In your calculations note that RRSP contribution room based on 2017's income will only be made available to you in 2018.
Title: Re: RRSP contribution room from past years- how much?
Post by: Sun Hat on December 07, 2017, 08:39:36 AM
While I agree that the NOA should be accurate, you can call CRA and ask them to confirm or explain anything. This time of year (not tax season), they're quite responsive. Have your most recent NOA at hand. They can also tell you your TFSA contribution room, so if you have "extra" cash, you can stow it there.
Title: Re: RRSP contribution room from past years- how much?
Post by: Canadian Ben on December 07, 2017, 08:44:29 AM
This is probably a basic question but I am getting confused by articles on the net. Where can I find (or how to calculate) the sum of my RRSP contribution room from years past where I did not contribute up to the max? My notice of assessment gives me a figure for my total contribution room for the next tax year, but this does not seem to include previous years room.
For example, I have been contributing about $5000-10000 per year for the last 5 years, but usually would have about 10-15k more room. So it seems I should have at least $50000 contribution room from the past 5 years, but my notice amount is for $40k.
Do I have to go through all my past year notices and add up the leftover contribution room? Does the room not carryover indefinitely?

While it SHOULD be correct, errors sometimes happen. It would be worth checking to see if you have different information from what they have.