I overcontributed to RRSP last year and wondering if I should not claim this year (first 60 days) or how to handle?

[KrystalNguyenn]

Thank you for choosing TurboTax Community! 

Based on your given information, you are required to claim this over-contribution amount. 

As per Canada Revenue Agency (CRA), generally, you have to pay a tax of 1% per month on excess contributions that exceed your RRSP/PRPP deduction limit by more than $2,000 unless you:

• withdrew the excess amounts
• contributed to a qualifying group plan

If you have to pay this 1% tax, fill out a T1-OVP, 2020 Individual Tax Return for RRSP, PRPP, and SPP Excess Contributions return and send it to your tax centre. Pay the tax within 90 days after the calendar year avoids late-filing penalties or interest charges.

Or you can file a T3012A form to withdraw the amount of excess contribution to waive the penalty. 

For more detailed information about over RRSP contribution, please visit  RRSP Deduction Limit  by CRA or TurboTax article: How to Resolve RRSP Over-Contributions