You should enter your actual contributions to your RRSP, regardless of whether or not you exceeded your max contribution room for the year.
Note though that you can over-contribute to your RRSP by up to $2,000 without being penalized. You just won't be able to claim an income tax deduction on this excess amount.
If you over-contribute by more than $2,000, you are subject to a 1% penalty tax for each month you are in excess of that. You have to complete a T1-OVP Individual Tax Return for RRSP Excess Contributions to calculate the amount of the over-contribution and penalty tax.
You can request a waiver of the penalty tax if both of these apply:
- The excess amount arose as a consequence of reasonable error
- You can demonstrate that you are taking reasonable steps to eliminate it
Read more about going over your RRSP/PRPP deduction limit:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/contribu...
Sign In
Canada (English)
EN
