RRSP

The keyword RRSP allows you to enter RRSP contributions. When you first enter RRSP, select the taxpayer's own or spousal plan. Then use the keyword RRSP-Contrib to enter the RRSP contributions.

Generally, there are three different types of RRSP information. The first type indicates how much a taxpayer can contribute to a RRSP. There is the eligible contribution amount for the current year, calculated in reference to earned income for the previous year, and there is the uncontributed eligible amounts from previous years (amounts never contributed to an RRSP), known as RRSP room. These amounts are entered with Elig-Room. See that keyword for details.

The second type of information tells the user how much the taxpayer did or did not contribute. Undeducted RRSP contribution premiums from previous years or from the first sixty days of the current taxation year are entered with Undeducted-Contr. See that keyword for details.

The third type of RRSP information is for taxpayers who have contributed to the RRSP Home Buyers' Plan. See RRSP-Home for more details.

DT Max will transfer RRSP transferable amounts (rollovers), first to the spousal plan and then to the taxpayer's own plan. Rollovers (except direct transfers) can be limited with the keyword RRSP-To-Deduct. Then, DT Max will deduct as much as the taxpayer's contribution room will allow, using the oldest room first up to the most recent RRSP eligible amount.

The following options are applicable for the keyword RRSP.

Own plan

Spousal plan

Room & limit

RRSP-Contrib

Enter the current year contributions with the relevant option(s).

The following options are applicable for the keyword RRSP-Contrib.

March - December ( 2010 )

RRSP contributions made from March to December of the current year.

January - February ( 2011 )

RRSP contributions made from January to the end of February of the following year.

MEMO ( January - February / 2010 )

This option is used as a reminder only. These are the RRSP contributions made from January to the end of February of the current year.

If any portion of these contributions have not been deducted in the previous year, enter the undeducted amount with the keyword Undeducted-Contr and option " Undeducted premiums- Jan-Feb this year." If no amount is indicated with Undeducted-Contr for undeducted premium for Jan-Feb this year, DT Max will consider these contributions to have been deducted in the previous year will not claim a deduction in the current year for these contributions.

  See the CRA's general income tax guide:
Line 208 - Registered retirement savings plan (RRSP) deduction

RRSP-Issuer

RRSP-Issuer RRSP issuer name

Undeducted-Contr

Choose the relevant option and enter the amount of undeducted RRSP contributions.

The following options are applicable for the keyword Undeducted-Contr.

Undeducted contributions - previous years

Undeducted contributions - Jan-Feb this year

  See the CRA's general income tax guide:
Line 208 - Registered retirement savings plan (RRSP) deduction

Elig-Room

DT Max will automatically calculate and carry forward the RRSP eligible amount (before PSPA) under the Elig-Room keyword.

If entering a new client, a first-time user, or overriding the DT Max carryforwards, the total of the amounts entered with the two options should be equal to the amount shown on line A of the previous year's CRA Notice of Assessment.

Note: It is not mandatory to provide the breakdown of the RRSP eligible amount, you can simply enter the total amount under one of the two options.

The following options are applicable for the keyword Elig-Room.

Eligible amount based on last year earned income

Eligible amount based on previous years' earned income

PSPA

Enter the Past Service Pension Adjustment ( PSPA) from the report by of the Plan administrator.

Note that the current year pension adjustment is entered using PA-T4 in the T4 group and PA.t4a in the T4A group

The following options are applicable for the keyword PSPA.

PSPA (last year's statement)

PSPA (current year's statement)

RRSP-To-Deduct

Choose the relevant option and enter the amount to be deduct for RRSP rollover and/or RRSP deduction.

The following options are applicable for the keyword RRSP-To-Deduct.

RRSP deduction limit

  See the CRA's general income tax guide:
Line 208 - Registered retirement savings plan (RRSP) deduction

TransitionCF

This is the transitional amount RRSP carryforward available this year.

As of January 1996, the overcontribution allowance was reduced from $8,000 to $2,000. Overcontributions before February 27, 1995 must have been either withdrawn in excess of $2000 or deducted as soon as new RRSP room becomes available in years after 1995.

Enter the transitional amount that resulted in 1995 from the change to the overcontributions limit from $8000 to $2000.

This amount may be found on the 1995 DT Max RRSP schedule table "Distribution of Undeducted Premiums to Carryfoward".

The new RRSP room will be applied against the transitional amount first. Then the room will be applied against RRSP contributions made in the year and in the first sixty days of the following year.

DT Max will carryfoward the new transitional amount remaining to next year.

Hist-2yr-Contrib

Enter the past 2 years spousal RRSP contributions (T2205).

The following options are applicable for the keyword Hist-2yr-Contrib.

Hist-RRSP-Inclus

Enter the year and amount from a spousal or common-law partner RRSP included in income [T2205].

The following options are applicable for the keyword Hist-RRSP-Inclus.

Hist-RRIF-Inclus

Enter the year and amount from a spousal or common-law partner RRIF included in income [T2205].

The following options are applicable for the keyword Hist-RRIF-Inclus.