Available RRSP - 2018 $60,320. March-Dec 2018 contributed $8430.47. Jan 2019 - $60k to RRSP. How to claim, the RRSP and not be penalized as an over-contribution?
Available RRSP - 2018 $60,320. March-Dec 2018 contributed $8430.47. Jan 2019 - $60k to RRSP. How to claim, the RRSP and not be penalized as an over-contribution?
Available RRSP - 2018 $60,320. March-Dec 2018 contributed $8430.47. Jan 2019 - $60k to RRSP. How to claim, the RRSP and not be penalized as an over-contribution?
It was an overcontribution so it would be classed as such. You're allowed an extra $2,000 without penalty but the remaining overage will be subject to the 1% penalty.
You can withdraw the excess amount and apply for a waiver of the tax withheld or submit a form T746 to claim a deduction on next year's tax return to offset the withdrawal.
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