Can I contribute to an RRSP this year and claim the deduction later?

Jamie Golombek, vice-president of taxation and estate planning at AIM Trimark Investments, has the answer.

Jamie Golombek 31 January, 2005 | 2:00PM
Dear Expert:

Am I allowed to contribute to an RRSP this year but claim the tax deduction in a future tax year? If so, how long can I wait before claiming the tax deduction?

Expert Answer:

Yes, as long as you have the contribution room available, you are permitted to contribute this year and take the deduction in a following year, perhaps when you are in a higher tax bracket and your deduction is worth more. There is no time limit in which you must claim that deduction [#150] it's an indefinite carry-forward period.

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Jamie Golombek

Jamie Golombek