Canada Revenue Agency requires that all RRSP contributions be reported on Schedule 7 for the past calendar year, as well as any contributions made within the first 60 days of the current year. If you forgot to report, CRA will allow you to file an adjustment to record any RRSP contributions missed when you filed your income tax form. If you do not currently have all your receipts, you can still file a T1-Adj online, and then supply receipts later if CRA asks to see them. See Schedule 7 and General Income Tax and Benefit Guide page 23.
You can report your adjustments by making a request online or by mail. To complete an online request, log in to My Account on the CRA website. You can complete more than one request if necessary, as long as you do each on separately. To complete a mail-in request, you will need to print and complete the T1-Adj, T1 Adjustment Request Form.
Most tax return adjustments may be made within CRA’s 10 year time limit. You can expect online adjustments to take approximately two weeks to process and eight weeks for any mail-in requests.
Do you still have questions or need help requesting adjustments to your tax return? Brooks Financial is available year-round to offer tax preparation, tax planning and other income tax services. Learn more about our services here or contact us now for assistance.