TurboTaxHeba
Intuit Alumni

Seniors and students

You have to include your unused contribution in your RRSP calculations for 2019.

You will not be penalized if you overcontributed by $2000 and you are 19 years or older.

This $2000 room is to allow you to increase your contribution limit for 2020 to cover the overcontribution in 2019, just make sure you don't over contribute again because this $2000 over-contribution is a one-time life pass from CRA.

 

 

If you have overcontributed more than $2000, then you will need to withdraw the excess amount, file form T3012A or a voluntary disclosure. Refer to these two links for more information: 

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/making-w...

 

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/contribu...

 

I hope this was helpful