tho
New Member

I over contributed to my RRSP. Do I enter the actual amount I entered or do I just not claim over my max for the year

 

Seniors and students

You should enter your actual contributions to your RRSP, regardless of whether or not you exceeded your max contribution room for the year.

Note though that you can over-contribute to your RRSP by up to $2,000 without being penalized. You just won't be able to claim an income tax deduction on this excess amount.

If you over-contribute by more than $2,000, you are subject to a 1% penalty tax for each month you are in excess of that. You have to complete a T1-OVP Individual Tax Return for RRSP Excess Contributions to calculate the amount of the over-contribution and penalty tax.

You can request a waiver of the penalty tax if both of these apply:

  • The excess amount arose as a consequence of reasonable error
  • You can demonstrate that you are taking reasonable steps to eliminate it

Read more about going over your RRSP/PRPP deduction limit:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/contribu...