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posted Mar 30, 2024 8:22:40 AM

Over-contributed to RRSP

I over-contributed $20,000 to my RRSP by accident in September of 2023. I contacted the bank, they said to file a T3012A with CRA. I did that but I haven't heard anything back (not sure if I'm supposed to have heard anything). Since I could contribute to my FHSA this year (2024), I transferred $8000 of that over-contribution into that account. For filing my taxes, what do I have to do now? 

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Moderator
Mar 30, 2024 11:16:34 AM

There isn't anything that you need to do on your tax return. If you have a penalty to pay, you'd have to submit a separate form, the T1-OVP tax return, which is not part of the regular tax return.