In 2017 I contributed $20K into my RSP. In Feb.'1...

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
EnglishEN

Pick a language

Français English
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

In 2017 I contributed $20K into my RSP. In Feb.'18 I withdrew this amount under the HBP. I have found out that I was only allowed to contribute $8k. What do I do?

CRA said to put the $12,000 back into RSP as a repayment of the HBP and then withdraw the $12,000 from RSP and file T746 form.

My accountant will only deduct the $8000 from my income.  I don't want it to affect my HBP.

1 Reply
Highlighted
New Member

In 2017 I contributed $20K into my RSP. In Feb.'18 I withdrew this amount under the HBP. I have found out that I was only allowed to contribute $8k. What do I do?

Unfortunately, you can only claim the $8k as an RRSP contribution and then you will need to file a T1-OVP return for your over contribution which can be found on the CRA website.

v