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Discussion Starter · #1 ·
After completing my return using Studio Tax, I printed the full return as a pdf. I was surprised to see a Schedule 7 and it had a n amount of ~$14,000 in Box 1 of section A. It was not a form that I had open when completing return. This is what Schedule 7 looks like:


I am 81 and have not been able to contribute to RRSP for about 10 years, even if I wanted to. I have been using Studio Tax since 2013 and have never completed Schedule 7 when entering all data manually. So where did Studio Tax 2020 get that amount? It had to be as a result of autofilling some slips this year. The same amount does appear in my CRA account, but not on any autofilled slip or form that I am aware of. And not in my 2019 assesment.

Do other 70+ taxpayers complete that same Schedule 7 each year where zer0 is added to the axailable contribution room each year, even although it can't be used?
 

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My best guess is that you had some RRSP contribution room left that you did not use (example - year after retirement) and it follows you forever. I had some of that but my marginal tax rate early in retirement was such that it made no sense for me to use it.

My NOAs show unused RRSP contribution room as a result of 'unregistered pension plan payments (Line 109 - Periodic Payments) on a T4A and it has grown every year. I suspect if I used AutoFill, Schedule 7 would be triggered. Check last year's NOA to see if you have unused RRSP contribution room.
 

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Discussion Starter · #3 ·
I did some checking. So did my wife. What we found, was that my number came from 2015 when Gov changed the rrif mwr mid year. We had already made our withdrawal. They had a way to reverse part of that. Mine went through, but they lost my wife's submission. She had to prove it was their fault! She had sent it by registered mail, and it had been signed for! Anyway they finally processed her adjustment.
Now we see that in her case, unused contribution room is zero as it should be
But for unknown reasons my adjustment shows as rrsp contribution unused. I have never included a schedule 7. They just add zero each year and it stays at $14k.
I think I might file without the schedule 7 as before. It makes no difference to the return.
Btw, noa doesn't show anything. Cra site does.
 

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We use Studio Tax. We have never bothered with Schedule 7. Even though I do have $12. in RSP room according to CRA.
 

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Discussion Starter · #6 ·
I'd ignore Schedule 7 as well.
In comparing our two 2015 returns & assessments, I found that my 2015 RRIF recontribution still shows as available RRSP contributions on the CRA site for 2020. But not on Notice of Assessment. In my wife's case, it initially showed that way, but then they issued a reassessment changing her available RRSP contributions to zero with a note explaining that it was because she was now over 71 and not eligible to contribute to RRSPs. They haven't done that for me.

What puzzles me, is how Studio Tax all of a sudden got that RRSP contribution number. I have asked, but Studio Tax has not explained it to me. Looking back, I don't see it in any previous returns or on any of the autofilled forms.
 

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Box 1 of section A on Schedule 7 if for Unused RRSP Contributions available for deduction in the future if one is still eligible to contribute to a RRSP. Best not to ignore it as failing to deduct the contributions on your return will mean you get no tax break, other than tax deferral, from making the contribution. You do of course get taxed when you withdrawing it whether you deducted it from income or not.
 

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Discussion Starter · #8 ·
It was not unused rrsp contribution. And at 81 I am not eligible to contribute. It's an error on Cra's part. I think I already explained that.
 

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It was not unused rrsp contribution. And at 81 I am not eligible to contribute. It's an error on Cra's part. I think I already explained that.
I totally understand your situtation agent99.. My point is a general one, that Schedule 7 has some useful info on it that should not be ignored.
I believe unused RRSP contributions are also noted on the Notice of Assessments.
 
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