S7 - highlighted guide.pdfT1-2020 Schedule 7Protected B when completedRRSP, PRPP, and SPP Unused...

Question

S7 - highlighted guide.pdfT1-2020 Schedule 7Protected B when completedRRSP, PRPP, and SPP Unused Contributions, Transfers, and HBP or LLP ActivitiesFor more information, see Guide T4040, RRSPs and Other Registered Plans for Retirement.Complete this schedule and attach it to your return when one or more of the following situations apply: Complete Parts A, B, C, and D if any of the following apply: • you will not be deducting on your 2020 return all of the unused registered retirement savings plan (RRSP), Pooled Registered Pension Plan (PRPP), or Specified Pension Plan (SPP) contributions you previously reported and that are available to deduct for 2020, as shown on your latest notice of assessment or reassessment, or T1028, Your RRSP Information for 2020• you will not be deducting on your 2020 return all of the RRSP, PRPP, and SPP contributions you made from  March 3, 2020, to March 1, 2021• you have transfeed to your RRSP, PRPP, or SPP certain amounts you included in your income for 2020• you are designating contributions made to your RRSP, PRPP, or SPP as a 2020 repayment under the Home Buyers' Plan (HBP) or the Lifelong Learning Plan (LLP)• you intend to claim on line 20800 of your return the full amount of RRSP, PRPP, and SPP contributions you made, including any unused RRSP, PRPP, or SPP contributions, and you reported employer PRPP contributions on line 20810 of your returnComplete Part E if: • you withdrew funds from your RRSP in 2020 under the HBP or the LLPComplete Part F if: • you will be the beneficiary of income that was contributed to an amateur athlete trust in 2020 and you want that income to be used in calculating your RRSP deduction limitIf none of the above situations apply to you, do not complete this schedule. On line 20800 of your return, enter your total contributions for the year made to your RRSP, PRPP, or SPP, or your spouse's or common-law partner's RRSP or SPP. Generally, your SPP and PRPP contributions are subject to the same rules as RRSP contributions and should be included on this schedule. Presently, the only SPP is the Saskatchewan Pension Plan. 5000-S7 E (20) (Ce formulaire est disponible en français.) Page 1 of 4Protected B when completedPart A – ContributionsComplete this part to calculate your total contributions.1Enter your unused RRSP contributions previously reported and available to deduct for 2020 as shown on your latest notice of assessment or reassessment, or on your T1028 statement for 2020 (unused RRSP contributions also includes your unused PRPP and SPP contributions.)2Enter contributions you made to your RRSP, SPP, and PRPP or to your spouse's or common-law partner's RRSP or SPP from March 3, 2020, to December 31, 2020 (attach all receipts).3Enter contributions you made to your RRSP, SPP, and PRPP or to your spouse's or common-law partner's RRSP or SPP from  January 1, 2021, to March 1, 2021 (attach all receipts). +24500 4Add lines 2 and 3. =◄ +5Total contributionsAdd lines 1 and 4. Enter this amount on line 6 on the next page. =Enter on lines 2 and 3 above all contributions you made for the dates specified, even if you are not designating or deducting them on your return for 2020. Otherwise, the CRA may reduce or disallow your claim for these contributions on your return for a future year.Include on lines 2 and 3:• amounts transfeed to your RRSP, PRPP, or SPP (also see line 14 in Part C of this schedule)• contributions you are designating as a repayment under the HBP or the LLP (Part B of this schedule)Do not include on lines 2 and 3:• any unused RRSP, PRPP, or SPP contributions you made after March 2, 2020, that were refunded to you or your spouse or common-law partner in 2020• part or all of the contributions you made to your RRSP or an RRSP for your spouse or common-law partner less than  90 days before either of you withdrew funds from that RRSP under the HBP or the LLP. For more information, go to canada.ca/home-buyers-plan or see Guide RC4112, Lifelong Learning Plan (LLP)• your employer's contributions to your PRPP as reported on line 20810 of your return• any payment directly transfeed to your RRSP, PRPP, or SPP if you did not receive an information slip for it, or if it is shown in box 35 of your T4RSP or T4RIF slips• the part of an RRSP withdrawal you recontributed to your RRSP and deducted on line 23200 of your return. This would have happened if, in eor, you withdrew more RRSP funds than necessary to get past service benefits under a egistered pension plan (RPP) • the excess part of a direct transfer of a lump-sum payment from your RPP to an RRSP, a PRPP, or a registered etirement income fund (RRIF) that you withdrew and are including on line 12900 or 13000 and deducting on line 23200 of your return for 2020• contributions made from exempt earnings. See Form RC383, Tax-Exempt Earned Income and Contributions for a Pooled Registered Pension Plan5000-S7 E (20) Page 2 of 4https:www.canada.ca/enevenue-agency/services/tax/individuals/topicssps-related-plans/what-home-buyers-plan.htmlProtected B when completedPart B – Repayments under the HBP and the LLPIf you withdrew funds from your RRSP under the HBP or the LLP before 2019, you may have to make a repayment to your RRSP, PRPP, or SPP for 2020. Your 2020 minimum required repayment is shown on your latest notice of assessment or reassessment or your T1028 statement for 2020.Complete line 7 and line 8 if you are designating contributions made from January 1, 2020, to March 1, 2021, to your own RRSP, PRPP, or SPP as a 2020 repayment under the HBP or the LLP. If you designate less than the minimum required epayment amount for 2020, report the difference on line 12900 of your return.If you are not required to make a repayment under the HBP or the LLP, enter "0" on line 9 and continue on line 10.Do not include on lines 7 and 8:• any amount you deducted or designated on your 2019 return as a repayment or that was refunded to you • any contributions or transfers you will be including on line 14 or line 15 in Part C of this schedule 6Enter the amount from line 5 on the previous page.24600 7Contribution designated as a repayment under the HBP24620 8Contribution designated as a repayment under the LLP +9Total repayments under the HBP and the LLPAdd lines 7 and 8. =◄ –10Contributions available to deductLine 6 minus line 9 =For more information on the LLP, see Guide RC4112, Lifelong Learning Plan (LLP). For more information on the HBP, go to canada.ca/home-buyers-plan.Part C – RRSP deductionComplete this part to calculate your RRSP deduction at line 20800 of your return.11Enter your RRSP deduction limit for 2020 as shown on your latest notice of assessment or reassessment, or your T1028 statement for 2020.12Enter your 2020 employer PRPP contributions (amount from line 20810 from your return). –13Line 11 minus line 12 =24640 14Transfers (see "Line 14 - Transfers" below)15RRSP, PRPP, and SPP contributions you are deducting for 2020. This amount cannot be more than the lesser of: the amount on line 13 and the result of line 10 minus line 14. +16Add lines 14 and 15. = XXXXXXXXXXRRSP deduction Enter the amount from line 10 or line 16, whichever is less.Also enter this amount on line 20800 of your return. –Line 14 – Transfers You may have reported income on line 11500, 12900, or 13000 of your 2020 return. If you transfeed certain types of this income to your RRSP, PRPP, and SPP on or before March 1, 2021, you can claim the same amount on line 14, as a transfer. Claiming the transfer ensures that your RRSP deduction limit is not reduced by that amount. For more information about amounts you can transfer, see Guide T4040.Note You may not have reported income you received in a previous year on your return for that year. If reported, that income may give you more room to contribute to an RRSP, PRPP, or SPP in later years. To ensure your RRSP deduction limit is up to date and maximized, file your return for that year and report the income.5000-S7 E (20) Page 3 of 4https:www.canada.ca/enevenue-agency/services/tax/individuals/topicssps-related-plans/what-home-buyers-plan.htmlProtected B when completedPart D – Unused contributions available to cay forward18Your unused contributions available to cay forward to a future yeaLine 10 from the previous page minus line 17 from the previous page =This amount is available to cay forward to future years and it will be shown on your 2020 notice of assessment. Part E – 2020 withdrawals under the HBP and the LLPComplete this section, if you withdrew funds from your RRSP under the HBP or the LLP in 2020.24700 19HBP: enter the amount from box 27 of all your 2020 T4RSP slips. XXXXXXXXXXTick this box if the address shown on page 1 of your return is the same as the address of the home you purchased under the HBP. 26300 21LLP: enter the amount from box 25 of all your 2020 T4RSP slips. XXXXXXXXXXTick this box to designate your spouse or common-law partner as the student you withdrew the funds for under the LLP. You can only make this designation on the return for the year you make your first withdrawal under the LLP. If you do not tick the box, you will be considered to be the student for LLP purposes.For more information on the LLP, see Guide RC4112, Lifelong Learning Plan (LLP). For more information on the HBP, go to canada.ca/home-buyers-plan.Part F – 2020 contributions to an amateur athlete trust   Complete this section to report qualifying performance income (generally endorsement income, prize money, or income from public appearances received by an amateur athlete) contributed in 2020 to an amateur athlete trust. This income qualifies as earned income when calculating the RRSP deduction limit of the trust's beneficiary. XXXXXXXXXXEnter the amount of income that was contributed to an amateur athlete trust in 2020.See the privacy notice on your return.5000-S7 E (20) Page 4 of 4

Riddhi · Accepted Answer

Worksheet for the return
T1-2020
Protected B when completedWorksheet for the return
Use this worksheet to calculate the amounts to report on your return. Complete the charts for the lines that apply to your 
situation. Keep this worksheet for your records.
Do not attach this worksheet to the return you send to the CRA. 
Lines 12000, 12010, 12100, and 22100 – Statement of investment income, carrying charges,  
and interest expenses
For more information, see lines 12000, 12100, and 22100 in the guide.
I – Taxable amount of dividends (eligible and other than eligible) from taxable 
Canadian corporations 
1Taxable amount of dividends other than eligible dividends (specify):
2+
12010 3Add lines 1 and 2, and enter this amount on line 12010 of your return. =
4Taxable amount of eligible dividends (specify): +
5+
6+
12000 7Add lines 3 to 6, and enter this amount on line 12000 of your return. =
II – Interest, other investment income, and income from foreign sources 
8Specify:
9+
10
Income from foreign sources, including foreign dividends
Specify: +
12100 11Add lines 8 to 10, and enter this amount on line 12100 of your return. =
III – Carrying charges, interest expenses, and other expenses
12Carrying charges (specify):
13Interest expenses (specify): +
14Other expenses (specify): +
22100 15Add lines 12 to 14, and enter this amount on line 22100 of your return. =
5000-D1 E (20) (Ce formulaire est disponible en français.) Page 1 of 6
Protected B when completed
Line 23500 – Social benefits repayment
1Amount from line 11300 of your return
2Amount from line 14600 of your return +
3Add lines 1 and 2. =
4Overpayment of old age security benefits recovered (box 20 of your T4A(OAS) slip) –
5Line 3 minus line 4 (if negative, enter "0") =
6Amount from line 23400 of your return
7EI benefits repayment from line 4 of the chart on your T4E slip (if any)
8Universal child care benefit (UCCB) (line 11700 of your return) +
9Registered disability savings plan (RDSP) income (line 12500 of your return) +
10Add lines 7, 8, and 9. =
◄ –
11Line 6 minus line 10 =
12UCCB repayment (line 21300 of your return)
13RDSP income repayment (included in the amount on line 23200 of your return) +
14Add lines 12 and 13. =
◄ +
15Add lines 11 and 14. =
16Base amount –
17Line 15 minus line 16 (if negative, enter "0") =
18Multiply the amount on line 17 by 15%.
19Enter the amount from line 5 or line 18, whichever is less. 
20Enter the amount from line 7 above (if any). +
21Add lines 19 and 20. =
22Amount from line 15 
23Amount from line 7 +
24Line 22 plus line 23 =
25Canada Recovery Benefit received in the year (code 202 of all T4A slips) –
26Line 24 minus line 25 =
27Base amount –
28Line 26 minus line 27 (if negative, enter "0") =
29Multiply the amount on line 28 by 50% 
30Enter the amount from line 25 or line 29, whichever is less.
◄ +
31
Add lines 21 and 30. 
Enter this amount on lines 23500 and 42200 of your return. =
Line 30000 – Basic personal amount
If your net income at line 23600 of your return is more than $150,473, but less than $214,368, complete the following 
calculation to determine how much to claim on line 30000 of your return.  
Otherwise, follow the instructions above line 30000 of your return.
1Minimum amount
2Additional amount
3Your net income from line 23600 of your return
4Base amount –
5Line 3 minus line 4 =
6Line 5 divided by $63,895 =
7Multiply line 6 by $931 =
◄ –
8Line 2 minus line 7 =
◄ +
9
Add lines 1 and 8. 
Enter this amount on line 30000 of your return. (maximum $13,229) =
5000-D1 E (20) Page 2 of 6
Protected B when completed
Line 30100 – Age amount
If your net income at line 23600 of your return is $38,508 or less, enter $7,637 on line 30100 of your return.  
If your net income is $89,422 or more, enter "0" on line 30100.  
Otherwise, complete the following calculation to determine how much to claim on line 30100.
1Maximum claim
2Your net income from line 23600 of your return
3Base amount –
4Line 2 minus line 3 (if negative, enter "0") =
5Multiply the amount on line 4 by 15%. –
6
Line 1 minus line 5 (if negative, enter "0")  
Enter this amount on line 30100 of your return. =
Line 31285 – Home accessibility expenses
Complete this chart if you had eligible home accessibility expenses and you are claiming this credit. 
For more information, go to canada.ca/line-31285.
Date of  
sales slip  
or contract
Supplier or contractor
Name GST/HST No.  (if applicable)
Description
Amount paid 
(including all 
applicable taxes)
+
+
+
+
1Total eligible expenses =
2Enter $10,000 or the amount from line 1, whichever is less.
3
Enter the amount claimed by other qualifying individuals and eligible individuals living in the 
same eligible dwelling from line 31285 of their return. –
4
Home accessibility 
expenses
Line 2 minus line 3 
Enter this amount on line 31285 of your return. =
Line 31400 – Pension income amount
You may be able to claim up to $2,000 if you reported eligible pension, superannuation, or annuity payments on lines 11500, 
11600, or 12900 of your return.
1Amount from line 11500 of your return
2
Foreign pension income you included on line 11500 and deducted on 
line 25600 of your return
3
Income from a U.S. individual retirement account (IRA) included on 
line 11500 of your return +
4
Amounts from a RRIF or a PRPP included on line 11500 of your return 
and transferred to an RRSP, a RRIF, a PRPP, or an annuity +
5Add lines 2, 3, and 4. =
◄
–
6Line 1 minus line 5 =
7
Annuity payments from line 12900 of your return (box 16 of your T4RSP slip) only if you were 
65 years of age or older on December 31, 2020, or you received the payments because of the 
death of your spouse or common-law partner +
AAdd lines 6 and 7. =
Enter $2,000 on line 31400 of your return or the amount on line A, whichever is less. However, if you and your spouse or 
common-law partner are electing to split your eligible pension income, enter the amount from line A of this chart on line A of 
Form T1032, Joint Election to Split Pension Income.
5000-D1 E (20) Page 3 of 6
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-31285-home-accessibility-expenses.html
Protected B when completed
Line 31600 – Disability amount (for self)
Complete this calculation if you were under 18 years of age on December 31, 2020, and you qualify for the disability amount.
1Base amount 
2Maximum amount
3
Total of child care and attendant care expenses 
for you, claimed by you or by another person
4Threshold for child care and attendant care expenses –
5Line 3 minus line 4 (if negative, enter "0") =
◄
–
6Line 2 minus line 5 (if negative, enter "0") =
◄
+
7Add lines 1 and 6        (maximum $13,579) =
Enter the amount from line 7 on line 31600 of your return.
Line 31800 – Disability amount transferred from a dependant
Complete this calculation for each eligible dependant. If you have more than one dependant, use a separate sheet of paper.
1Base amount 
If the dependant was under 18 years of age on December 31, 2020, complete lines 2 to 13.  
If the dependant was 18 years of age or older, complete lines 7 to 13.
2Maximum amount
3
Total of child care and attendant care expenses for 
your dependant, claimed by you or by another person
4Threshold for child care and attendant care expenses –
5Line 3 minus line 4 (if negative, enter "0") =
◄ –
6Line 2 minus line 5 (if negative, enter "0") =
7
If the dependant was under 18 years of age on December 31, 2020, enter the amount from line 6. 
If the dependant was 18 years of age or older, enter "0". +
8Add lines 1 and 7. (maximum $13,579) =
9
For provinces and territories other than Quebec: Total of amounts your dependant can claim 
on lines 79 to 91 in Step 5 of their return 
For Quebec: Total of amounts your dependant can claim on lines 80 to 95 in Step 5 of their return +
10Add lines 8 and 9. =
11Dependant's taxable income from line 26000 of their return –
12Line 10 minus line 11 (if negative, enter "0") =
13Allowable amount for this dependant: amount from line 8 or line 12, whichever is less
Enter the total amount claimed for all dependants that qualify for the disability amount on line 31800 of your return. 
5000-D1 E (20) Page 4 of 6
Protected B when completed
Line 33199 – Allowable amount of medical expenses for other dependants
Complete the calculation using lines 1 to 3 for each eligible dependant. Start with column 1, and complete columns 2 and 3 as 
needed. If you have more than three eligible dependants, use a separate sheet to complete the calculation for the additional 
eligible dependants. For more information, go to line 33199 in the guide. 
Column 1 
Eligible Dependant 1
1Medical expenses for other dependant
2
Enter $2,397 or 3% of the dependant's net income 
(line 23600 of their return), whichever is less. –
3Line 1 minus line 2 (if negative, enter "0"). =
Column 2 
Eligible Dependant 2
1
2–
3=
Column 3 
Eligible Dependant 3
1
2–
3=
4
Add the amounts from line 3 of column 1, column 2, and column 3.  
Enter the result on line 33199 of your return.

S7 - highlighted guide.pdf T1-2020 Schedule 7 Protected B when completed RRSP, PRPP, and SPP Unused Contributions, Transfers, and HBP or LLP Activities For more information, see Guide T4040, RRSPs and...

Solution

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment