Confused about RRSP contribution year

Q –  I am confused how the Canada Customs and Revenue Agency (CCRA) considers RRSP contributions made in the first 60 days of 2002. Here is my scenario:

 For the year 2001, I have an RRSP deduction limit of $12,000. I have carried forward past contributions, which I have not deducted, of $4,500. I made contributions of $5,750 from April 2001 to December 2001. I made contributions of $1,250 in the first 60 days of 2002. I also made a contribution-in-kind of $7,000 in first 60 days of 2002, with the intention to designate that amount for the 2002 tax year. I am expecting a deduction limit of about $9,500 for 2002.

 Will the CCRA see the $7,000 contribution as a contribution made in 2001, which would create an overcontribution of $4,500 above and beyond the $2,000 threshold?  Or, will the contribution be considered made in 2002, where I have the additional contribution room? I called the CCRA, and the young lady I spoke with wasn’t exactly sure what would happen in this case. – J.K.J.

<P class=&qut;MsoNomal”>A – I am surprised there was any doubt in the mind of the CCRA lady. RRSP contributions made in the first 60 days of any year can be claimed for either the previous tax year or the current year. So your 2002 contribution during that 60-day period can be deducted on your 2001 return or used when you file your 2002 return next year. You have no problem. – G.P.