I have over contributed to my RRSP. I requested my company not contribute to RRSP this past year, but they did. How do I report this amount without using it as a deduction?
You'll need to report the entire amount of your RRSP Contribution on your tax return, and TurboTax will automatically carry forward the amount in excess of your contribution limit to the following year. The Canada Revenue Agency allows you to overcontribute to your RRSP's one time in the amount of $2,000 without there being a penalty. If you overcontributed in the First 60 Days, you still need to report the contribution on this year's tax return, you can claim the overcontribution on your income tax return next year.
If your overcontribution exceeds the $2,000, (or you have previously overcontributed $2,000 or more), you may be required to pay the 1% tax per month on the excess contributions, or you can choose to withdraw the excess.
Here's some information from CRA on what happens if you exceed your contribution limit: https://bit.ly/2HWYMU3
You'll need to report the entire amount of your RRSP Contribution on your tax return, and TurboTax will automatically carry forward the amount in excess of your contribution limit to the following year. The Canada Revenue Agency allows you to overcontribute to your RRSP's one time in the amount of $2,000 without there being a penalty. If you overcontributed in the First 60 Days, you still need to report the contribution on this year's tax return, you can claim the overcontribution on your income tax return next year.
If your overcontribution exceeds the $2,000, (or you have previously overcontributed $2,000 or more), you may be required to pay the 1% tax per month on the excess contributions, or you can choose to withdraw the excess.
Here's some information from CRA on what happens if you exceed your contribution limit: https://bit.ly/2HWYMU3
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