Overpayment in RRSP. Is there anything I can do or just take the ding for the overpayment?

[whaleyplace]

My husband was laid off and the amount in box 67 was invested in an RRSP.  I now realise that he is over his limit by over $3000.  I presume that just have to enter the whole amount and pay the extra tax?

[Martine-TurboTax · Accepted solution]

Everyone is aloud a one time $2,000 over the limit. You would be penalized for the remainder. Here is a form you would fill out for the excess amount.

http://www.cra-arc.gc.ca/E/pbg/tf/t1-ovp/t1-ovp-15e.pdf

[whaleyplace]

Is this form, or calculation included in Turbo Tax if I enter the amount into the actual RRSP contribution

[Martine-TurboTax]

This is a separate form that you would need to fill out and send separately. You would enter all slips and receipts you have received.

[whaleyplace]

Sorry to be a pain but I just want to be clear.  I enter the overage into the turbo tax where i normally enter RRSP, submit electronically as normal then fill in the form and mail it?  Thanks for all you help!

[Martine-TurboTax]

This is correct. Your quite welcome.

[whaleyplace]

Thank you again!