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Level 1
posted Oct 30, 2019 10:56:00 PM

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?

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1 Replies
Level 11
Oct 30, 2019 10:56:01 PM

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.

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4040/rrsps-other-registered-plans-retirement.html