SCHEDULE 7 : RRSP CONTRIBUTIONS

Schedule 7, RRSP, PRPP and SPP Contributions, Transfers, and HBP and LLP Activities, records all RRSP-related transactions. It is required when contributions are not all deducted, when repayments are made under the Home Buyers' Plan or Lifelong Learning Plan, or when transfers are made.

PART A: CONTRIBUTIONS

• Unused contributions from previous years available to deduct.

• Contributions made from March 3 to December 31 of the tax year.

• Contributions made in the first 60 days of the following year.

PART B: REPAYMENTS AND DESIGNATIONS

• Contributions designated as repayments under the Home Buyers' Plan or Lifelong Learning Plan (these are not deducted).

• Designated transfers of eligible retiring allowances and of pension amounts.

PART C: DEDUCTION CLAIMED

• The deduction claimed on line 20800, which can be less than the available amount.

• Any undeducted contributions to carry forward.

PART D: HBP AND LLP WITHDRAWALS

Withdrawals made under the Home Buyers' Plan or Lifelong Learning Plan during the year, with the related information.

WHY IT MATTERS?

Missing Schedule 7 when repayments are due means the required repayment is treated as unpaid and added to income.