Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted May 3, 2021 10:17:37 AM

I have been filing taxes through Turbotax last few years. And now realized that I unknowingly exceeded RRSP contributions in 2019 and 2020. How do I rectify this?

0 1 311
1 Replies
Level 6
May 4, 2021 9:57:02 AM

Thank you for choosing TurboTax.

As per CRA: If you wish to cancel or waive the tax on your excess contributions:

You can ask the CRA in writing to consider canceling or waiving the tax if the following two conditions are met:

  • your excess contributions on which the tax is based arose due to a reasonable error.
  • you are taking, or have taken, reasonable steps to eliminate the excess contributions.

Include the following with your letter:

  • why you made excess contributions and why this is a reasonable error.
  • any other correspondence that shows that your excess contributions are due to a reasonable error.

 

For further information please click: 

What happens if you go over your RRSP deduction limit?