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New Member
posted Oct 30, 2019 4:38:23 PM

I over contributed to my RRSP. Do I enter the actual amount I entered or do I just not claim over my max for the year

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1 Replies
New Member
Oct 30, 2019 4:38:25 PM

You should enter your actual contributions to your RRSP, regardless of whether or not you exceeded your max contribution room for the year.

Note though that you can over-contribute to your RRSP by up to $2,000 without being penalized. You just won't be able to claim an income tax deduction on this excess amount.

If you over-contribute by more than $2,000, you are subject to a 1% penalty tax for each month you are in excess of that. You have to complete a T1-OVP Individual Tax Return for RRSP Excess Contributions to calculate the amount of the over-contribution and penalty tax.

You can request a waiver of the penalty tax if both of these apply:

  • The excess amount arose as a consequence of reasonable error
  • You can demonstrate that you are taking reasonable steps to eliminate it

Read more about going over your RRSP/PRPP deduction limit:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/contribu...