Schedule 7 : RRSP and RPP Unused Contributions, Transfers, and HBP or LLP Activities – Common to All

What’s in this article?

 

What is this?

Schedule 7 is used to track your RRSP, PRPP, and SPP contributions and report new unused contributions. You should complete Schedule 7 if:

  • You are not deducting all your unused RRSP/PRPP contributions on your return for the year;
  • You are not deducting all the RRSP/PRPP contributions made for the current year;
  • You withdrew money from your RRSP for either the Home Buyer’s Plan (HBP) or the Lifelong Learning Plan (LLP);
  • You are designating contributions made to your RRSP, PRPP, or the SPP as a current year repayment under the HBP or LLP;
  • You have transferred to your RRSP or PRPP certain amounts you included in your income; or
  • You will be the beneficiary of income contributed to an amateur athlete trust in the year and you want that income to be used in calculating your RRSP/PRPP contribution limit.

If you are a Québec resident and are repaying RRSP funds that you withdrew under the Home Buyers’ Plan (HBP) or the Lifelong Learning Plan (LLP), you must also complete form TP-935.3-V.

If you have already filed your income tax and benefit return, complete Schedule 7 and send it to your tax centre with your RRSP/PRPP/SPP receipts and a note showing your name and social insurance number.

If you made contributions in the first 60 days of 2015 or an earlier year, and didn’t claim them for the previous year, you should have completed and filed a Schedule 7 for that previous year. Even if you did not file a Schedule 7 when it was required, complete one and submit it to your tax centre. By doing so, you will avoid having your deduction reduced or disallowed for contributions made in the first 60 days of the year or in an earlier year.

 

Am I eligible?

You need to complete Schedule 7 if:

  • you contributed to an RRSP or PRPP, and/or
  • you have unused contributions, and/or
  • you are repaying to your RRSPs after withdrawing money for an HBP or LLP

 

Where do I claim this?

Follow these steps in H&R Block’s tax software to file your 2015 taxes:

  1. Click the PREPARE tab.
  2. Click the YOUR YEAR IN REVIEW icon. You will find yourself here:
  3. Click the checkbox labelled I contributed to an RRSP/PRPP or have unused contributions.
  4. Scroll to the bottom of the page and click Continue.
  5. Click the RRSPS AND INVESTMENTS icon. You will find yourself here:
  6. Under the RRSPS heading, select any of the following options that apply to your situation:
    • Contributions to RRSPs or any other retirement fund or account (Schedule 7)
    • Repayments under the Home Buyers' Plan (Schedule 7) 
    • Repayments under the Lifelong Learning Plan (Schedule 7) 
  1. Scroll to the bottom of the page and click Continue.

When you arrive at the page for the option you selected, enter your information into the tax software.

Note: If you are entering your RRSP or other retirement fund contributions on Schedule 7, you will need the following amounts from your latest Notice of Assessment or Reassessment.

 

Where can I learn more?