Who should use the CRA Schedule 7 tax form?
This schedule is called RRSP Unused Contributions, Transfers and HBP or LLP Activities. Unused RRSP contributions appear on your Notice of Assessment form.
Use the Schedule 7 to report your RRSP contributions.
Use the Schedule 7 tax form if you are not deducting all your unused RRSP contributions.
Use Schedule 7 if you will not be deducting all the RRSP contributions you made between March 2 of the previous tax year and March 1 of the current tax year.
Can I use if for income transfers?
The transfers refer to income that was transferred into an RRSP from a registered retirement income fund (RRIF) or a retirement allowance. Use Schedule 7 to declare that transfer.
Does Schedule 7 tax form apply to deductions?
If you have benefited from a home tax deduction and withdrawn money from your RRSP under the Home Buyer’s Plan (HBP), you need to reimburse that money. Use Schedule 7 to indicate the HBP repayments you are making to an existing or to a new RRSP.
If you have benefited from a student tax deduction and withdrawn money from your RRSP under the Lifelong Learning Plan (LLP), you need to reimburse that money. Use Schedule 7 to indicate the LLP repayments you are making to an existing or to a new RRSP.
Please refer to the form for more information.
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