Which statement about unused registered retirement savings plan (RRSP) contribution room is CORRECT?
A.
It may not be more than the RRSP contribution limit for the year in which it is carried forward.
B.
It can be carried forward to future years.
C.
It can be carried forward a maximum of seven years.
D.
It may not be carried forward.
The Answer Is:
B
This question includes an explanation.
Explanation:
Unused RRSP contribution room is the amount of RRSP contributions that you did not deduct in previous years and are available to deduct in the current year. Unused RRSP contribution room can be carried forward to future years indefinitely, until you use it up or reach the age of 71. You can find your unused RRSP contribution room on your notice of assessment or by logging into your Canada Revenue Agency account. References: What to do with unused RRSP, PRPP or SPP contributions
IFC PDF/Engine
Printable Format
Value of Money
100% Pass Assurance
Verified Answers
Researched by Industry Experts
Based on Real Exams Scenarios
100% Real Questions
Get 65% Discount on All Products,
Use Coupon: "ac4s65"