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I contributed to my RRSP in Feb as opposed to March for the next year. My contributions are over the deduction limit. How do I enter this data separately in turbotax?
in Feb 2021 I bought RRSPs thinking some could apply to 2020 and some to 2021. Apparently anything in Feb is only for the prior year. As a result I have an overcontribution to my RRSPs. I going to deduct some on my 2020 and some on my 2021 tax returns. I was trying to enter the amount I wanted to deduct on my 2020 return but turbotax won't let me, it will automatically put my deduction limit. Is there a way to select the amount I want to deduct if it is over the limit and not the same as the deduction limit?
April 19, 2022
7:28 PM
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Seniors and students
No, because you can't deduct more than the limit. This Canada Revenue Agency (CRA) webpage has more information on RRSP over contribution: What happens if you go over your RRSP deduction limit?
May 13, 2022
4:45 PM