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Question:

On the tax form it asks for the amount made during 2012 and separately for that made in 2013, prior to March 1st. Are these contributions treated differently by Revenue Canada?

Regards, Stuart Murgatroyd

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Answer:

Hello Stuart,

The answer is both yes and no. All RRSP contributions made in 2012 and in the first 60 days of 2013 can be deducted on your 2012 tax return. But it is important to remember that new RRSP contribution room starts accumulating again on Jan. 1, 2013 and thus you do not need to deduct them on your 2012 tax return.

For example, if your RRSP contribution room for the 2012 tax year was $18,000 and you were depositing $1,500 a month into your RRSP you would have used up all of your RRSP contribution room by the end of 2012 (12 months X $1,500 = $18,000). You will still get the Jan. and Feb. 2013 receipts but you would not be able to deduct them on your 2012 tax return. But if your unused contribution room for 2012 was $21,000 then you could use these deductions as well.

Clay Gillespie, a certified financial planner and chartered investment manager, is a financial adviser and managing director at Rogers Group Financial in Vancouver. The views expressed are those of the author and not necessarily those of Rogers Group Financial, which makes no representations as to their completeness or accuracy.

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