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New Member
posted Oct 30, 2019 8:38:07 PM

How do I report the NET amount of RRSP contributions I made?

I deposited money to my RRSP but later realized the amount was higher than what I was allowed to contribute. So, I withdrew an amount which meant my NET contributions were within the allowable limit. Why is the withdrawal considered income? How can I claim I deposited only the net amount and not be forced to pay tax on the other amount TWICE? 

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Level 11
Oct 30, 2019 8:38:09 PM

CRA's rules for RRSPs are that if you withdraw the funds prior to retirement, it's considered to be taxable income. You'll input the full amount of the contribution (including the amounts that were later withdrawn) as well as the income from the withdrawal. This information will be provided to you by your RRSP plan administrator.

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