I overcontributed to my RRSPs in 2016 by $5000. I withdrew them and the T4rsp that I received put the $5000 in box 22. How does my deduction limit get corrected?

Does the $5000 ever get credited back to my deduction limit? The financial institution said that they never use box 20 for over contributions so I am out of luck. I have also already paid income tax on the $5000 before contributing and now am getting charged $500 in tax again.

817

New Member

Oct 30, 2019 10:14:59 AM

You will need to file a T1-Adjustment of your 2016 return along with the form T746. The latter outlines the conditions you need to meet in order for you to get a deduction for the $5K income.

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I overcontributed to my RRSPs in 2016 by $5000. I withdrew them and the T4rsp that I received put the $5000 in box 22. How does my deduction limit get corrected?