T1-ADJ to adjust RRSP deduction in the past year(s)

nirvana_1959 · Post by **nirvana_1959** » Sun Mar 20, 2016 5:25 pm

Hello Nelson,
I got a bigger refund from IRS (due to clerical error) for 2015. This reduced the foreign taxes paid. I have to adjust my T1 (using T1-ADJ) to reflect this. Now CRA taxes owed has increased :-(.
Can I increase my RRSP deductions for 2015 now (through T1-ADJ) to offset the decrease in foreign taxes paid ? If the answer is yes should I file online or through paper. The latter will allow me to explain the situation.
Thanks,
Anil

nelsona · Post by **nelsona** » Sun Mar 20, 2016 9:31 pm

You cannot MAKE a contribution for 2015 at this point.

If you made a PREVIOUS contribution, but did not deduct it in 2015 or before, you could change your deduction.

nirvana_1959 · Post by **nirvana_1959** » Mon Mar 21, 2016 5:21 am

Thanks for the reply (Yes, I had made RRSP contribution but not deducted any in 2015).

Which is better online or paper filing (here I can give explanation, or doesn't matter ?

To rephrase my question, if I do online can CRA reject it for any reason ?

Thanks.

nirvana_1959 · Post by **nirvana_1959** » Mon Mar 21, 2016 5:24 am

I made a mistake in my original post on the year. It should read 2014. So the question is can I go back and change the RRSP deduction for 2014 (I have enough contributions, that was carried forward, to cover this). Thanks.

nelsona · Post by **nelsona** » Mon Mar 21, 2016 8:18 am

I would submit a paper adjustment, sicne you will need to amend a schedule as well.

nirvana_1959 · Post by **nirvana_1959** » Mon Mar 21, 2016 10:03 am

Thanks Nelson. have a great day!