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New Member
posted Apr 17, 2021 11:38:41 PM

1.I contributed excess amount to my RRSP. How do I take out excess contribution? 2. Me and my wife have made RRSP contributions to be carried forward

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Level 3
May 27, 2021 11:33:09 AM

Thank you for choosing TurboTax Community!

Based on your given information, to withdraw the amount of excess contribution, you can file a T3012A form. This allows you to withdraw unused RRSP contributions, without taxes being withheld. 

Also, you need to determine if you are eligible to have the tax money withheld on your withdrawal from your RRSP, PRPP or SPP. In order for you to qualify the CRA must find it reasonable that either you did not intend to make these contributes to withdraw and deduct an offsetting amount, or that you reasonably expected to be able to fully deduct the contributions in the immediately preceding year.

For more details, please visit these articles: 

How to Resolve RRSP Over-Contributions 

What Are RRSP Excess Contributions?