How To Report RRSP’s On Your Taxes

by Tax Guy - Burlington Accountant on March 15, 2011 Print This Post Print This Post

I get a LOT of questions about how to report RRSP contributions, RRSP deductions, transfers to the HBP or LLP, and transfers from an RPP on the income tax return.

Many of these amounts must first be reported Schedule 7 – RRSP, Unused Contributions, Transfers and HBP or LLP Activities. This guide should help you understand how schedule 7 works and how it reports your RRSP activities on your tax return. The document is fairly straight forward and there are five parts to the document.

Five Parts of Schedule 7

There are five parts to schedule 7 that are used to report your contributions, repayments under the HBP or LLP, RRSP deductions, and carry forward amounts. These five parts report the following:

1. Contributions: This is where you calculate unused deductions from a previous year, plus contributions to your RRSP in the last 305 days of the prior year, plus how much you contributed in the first 60 days of this year.

This reports the total amount of RRSP you could deduct before repayments to the LLP or HBP are taken into account.

2. Repayments To The HBP or LLP: You may designate any or all of your RRSP contributions as repayments to your HBP or LLP balance. If you are required to make repayments under these programs but do not enter an amount here, your repayment will be added to your taxable income on your Notice of Assessment.

3. RRSP Deductions: So far Schedule 7 has helped you calculate the amount of RRSP contributions you have made that are available as a tax deduction. You are not required to take an RRSP tax deduction and can carry forward any amount you do not claim.

If you decide to take a tax deduction, or have transferred amounts from a foreign pension plan or received a retirement allowance, you report them on line 11.

4. Carry Forward Amount: If you didn’t use all of your RRSP contributions as a deduction, you will have an amount on Line 14 of schedule 7. This amount can be used in future years.

5. If you made a withdrawal under the HBP or LLP, you report them in Part E of Schedule 7.

Share Your Schedule 7 Experience

Have you completed Schedule 7 recently for your RRSP’s? Did you have a retiring allowance or pension transfer? Did you enter the HBP or LLP and are reporting participation or repayments?

About The Tax Guy...

Dean Paley CGA CFP is a Burlington accountant and financial planner who services individuals and business owners locally, nationally and internationally. Dean has appeared in the National Post, Toronto Star and Metro News.

To find out more, visit Dean's website Dean Paley CGA CFP or connect via Twitter @DeanPaleyCGACFP.

Print This Post Print This Post


Traciatim March 15, 2011 at 10:40 am

I am making repayments under both the HBP and LLP. Is it really that much of an experience? I put my repayment amounts in the little boxes . . . it was really exciting 🙂

Tax Guy March 15, 2011 at 10:48 am

Awesome! 🙂

Rita March 21, 2011 at 9:34 am

i mistakenly report the RRSP contribution $50 more than the amount on the RRSP receipt & i filed my return already. what should i do? the reason for the different amount is that my RRSP contribution is a bi-weekly auto transfer. i checked my bank account & saw 5 transactions of $50 each (in the first 60 days in 2011) so i reported $250 without waiting for the receipt to come. the receipt came in the mail this morning & the amount is only $200.

thanks for your help!

Tax Guy March 21, 2011 at 4:35 pm

You may need to file an amendment. But call the CRA and see if they will take it over the phone.

John April 21, 2011 at 8:59 pm

I was laid off and i got a package. i put the 25k directly in my rrsps. in box 67 i see an amount of @ 26k. Does this mean the 25k will be an in an out and my refund will not be that large?

Tax Guy May 10, 2011 at 9:26 pm

The $25,000 was added to your income and no tax was withheld. So no refund.

Teklo April 28, 2011 at 2:29 pm

I have done a couple of swaps between my non-registered investment account and my RRSP, one of money market funds and the other an investment that I had a small loss on. I know if I’d had a gain I would report it as a deemed disposition in order to report the capital gain but since I can’t report the loss, do I report it as a deemed disposition with an adjusted book value in order not to have a loss or just not report it? Thanks.

Tax Guy May 10, 2011 at 9:29 pm

Its a deemed disposition at FMV. The loss is nil. You must report it.

Teresa M March 16, 2012 at 9:03 am

I am now selling some mutual funds within my RRSP. How do I know if they’ve incurred losses? Do I keep track of this or does the bank make the calculation and mail me a form? If so, what’s it called?

Tax Guy March 16, 2012 at 4:23 pm

Hi Teresa,
Investments held inside of RRSP’s are not subject to income tax on gains. Similarly, there is not claiming of any losses inside of RRSP’s. The RRSP allows you to take a deduction when you contribute and you add withdrawals to taxable income when you withdraw. All gains & losses are not reported or claimable.

Lynda April 10, 2012 at 3:41 pm

Hi Tax Guy…

I’m choosing not to repay my HBP this year…I have done for the past two years, but due to circumstances would like to skip this year.
I understand that the repayment amount will be added to my taxable income.
Do I add that amount on Line 128 or Line 129 of my return. I ask only because Line 128 refers to T4RSP slips, which doesn’t apply.
Also, do I need to include Schedule 7 at all, seeing that I’m not repaying HBP?
I’d just like to fill out my taxes as close to correct as I can. I know Revenue Canada will correct anything, but I’d just like to get a good idea of the bottom line.
Thanks so much!

Tax Guy April 10, 2012 at 9:22 pm

Hi Lynda,
Just add it to Line 130 and specify in the place provided.

anica February 27, 2013 at 7:51 pm

I am confused with the HBP and RRSP connection. If I have a $6K RRSP limit for 2012 and I need to make a HBP repayment of $800, do I purchase $6000 or $6800 in RRSP? Let’s assume that I have enough money to do so. I called the CRA and 2 agents gave me conflicting answers. Anything else I need to know? Thanks

Tax Guy - Burlington Accountant February 27, 2013 at 11:26 pm

Hi Anica,
The contribution for the HBP is a “repayment” and is not deductible and has no impact on your RRSP limit. You can contribute $6,800:

You will tax a deduction of theb$6,000 and the rest is a HBP repayment.

Steve March 1, 2013 at 10:35 pm

Hi Tax Guy,
Quick question: Do you happen to know if an RRSP receipt goes directly from the bank/institution to revcan as well as directly to me? I know I have to send my receipts along with my return, but I was just wondering if the bank sends a separate copy directly to RevCan (sort of like T4s where the employee gets a copy AND revcan does as well).


Tax Guy - Burlington Accountant March 2, 2013 at 9:00 am

Hi Steve
Yes. The CRA does receive copies of all tax slips. They will match up all returns over the summer.

Steve March 3, 2013 at 2:08 pm

Thanks for the reply – I’m asking because due to a screw up, my bank has issued me a receipt for $1000 and one for $1800, even though I only contributed $1000. Obviously I could attach both and get the extra refund, although I only actually contributed the $1000.

I was just wondering if my financial institution sent in only the correct one to REVCAN and I claimed both, would REVCAN pick up the discrepancy.


Burlington Accountant March 3, 2013 at 6:11 pm

Well, you can’t just claim both. At some point the bank will correct their error and then you end up with a reassessment, penalties and interest.

I suggest asking the bank to make the fix and claim the real amount.

mary crans March 7, 2013 at 4:45 pm

i did not contribute to my RRSP nor did i take from it, do i need to bring the paper work (t5) with me anyways to get taxes done

Burlington Accountants March 8, 2013 at 11:47 am

Hi mary,
Yes. The T5 is a different form that reports other types of income.

Jon March 13, 2013 at 11:15 pm

Hello. Quick question. I invested 6000 into an rrsp last year but tool out 5000 to pay off a vehicle. I got taxed on the 5000 I took out already. Does my tax man need to see my rrsp statement with the total I took out as well as the statement of what I contributed? Thanks.

Ryan March 20, 2013 at 12:55 am

This is an easy question…hopefully.
I am doing taxes now for 2011 tax year (behind a little).
I made RRSP contributions for 2011 and contributions did not exceed 18% of income.

Do I still need to fill out the Schedule 7 (which is titled “unused rrsp contributions)? I am hoping to just put in the RRSP contributions total from my 2 sheets onto line 208 (RRSP DEDUCTION – attach schedule 7).

Thanks for your help!

Comments on this entry are closed.

Previous post:

Next post: