I over estimated my canada tax obligation for 2006 therefore, I bought full RRSP and only used a small amount of it. Now I want to get the money back with the form T3012 A - Tax Deduction Waiver on the Refund of Your Unused RRSP Contributions.
Does anyone here has experience for this form? How long will it take for CRA to send you a reply after you have submitted the form? Any special concern?
Thank you very much.
T3012 A - Tax Deduction Waiver on the Refund of Unused RRSP
Moderator: Mark T Serbinski CA CPA
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Mark T Serbinski CA CPA
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If you made your 2006 contribution in 2007, then you must wait until you file your 2007 return next year to file for a refund of excess contributions.
If you made your contribution in 2006, and have received your notice of assessment, you can now file the form. However, your tax free refund will be based on the amount of allowable contributions to reduce your income to zero... so if you made a huge contribution but received a foreign tax credit or some other credit to eliminate your taxes, you could be out of luck, since you could have used the RRSP deduction (even though it may not have done any good.)
If you made your contribution in 2006, and have received your notice of assessment, you can now file the form. However, your tax free refund will be based on the amount of allowable contributions to reduce your income to zero... so if you made a huge contribution but received a foreign tax credit or some other credit to eliminate your taxes, you could be out of luck, since you could have used the RRSP deduction (even though it may not have done any good.)
Mark