Do I need receipts to back up deductions for previous year's RRSP over-contribution?

Gena Katz, a chartered accountant and principal with Ernst and Young, has the answer.

Gena Katz 31 March, 2003 | 2:00PM

Dear Expert:

When making my 2001 RRSP contribution, I overpaid by $1,038. Can this amount be deducted from my 2002 RRSP contribution (i.e., carried over to 2002)? This is what appears on my Notice of Assessment. If I can reduce my income taxes with this, how would I attach a receipt for this amount? Or would I send a copy of the Assessment along with a letter to the tax department?

Expert Opinion:

You can claim a previous year's RRSP over-contribution as a deduction for the current year, as long as you have sufficient RRSP contribution room to deduct this amount. There is no need to attach a receipt or the copy of the assessment to support the amount claimed as a deduction based on the over-contribution amount. As this information was reported to you by the Canadian Customs and Revenue Agency in the Notice of Assessment, they have the information in their system and supporting receipt on file.

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Gena Katz

Gena Katz