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    tyrelltaylor5
    New Member

    I have overcontributed to RRSP past limit with hopes of utilizing HBP. What do I do?

    Unknowingly, I have over contributed 5000 past my RRSP limit for this year for preparation of using the money in my account to utilize HBP. 2500 of that contribution was made in the 1st 60 days of 2018. I am aware of the allowance of 2000 over the limit, however don't know how to proceed with the rest?

    What can be done at this point to save the situation with the least amount of penalties? What is the base mode of action at this point?

    posted
    ‎October 30, 2019 8:28 AM
    last updated ‎October 30, 2019 8:28 AM
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    1 Reply
    TurboTax-Peky
    New Member

    I have overcontributed to RRSP past limit with hopes of utilizing HBP. What do I do?

    You will need to file form T746 along with your return. The form outlines the conditions you need to meet to reverse the over contribution.

    ‎October 30, 2019 8:28 AM
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