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Level 2
posted Apr 14, 2021 12:45:45 PM

RRSP Contribution - over Limit

Hi, I have contributed 15000 to RRSP last February 2021 which I found out recently is 10000 over the limit.

I could not transfer 10000 out of my RRSP account back to Savings Account.

 

Would it work if I don’t claim my Feb. 2021 RRSP contribution for the 2020 Tax Year and carry it forward for 2021 Tax Year? Thanks.

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1 Replies
Level 3
Apr 14, 2021 1:28:10 PM

ThankYou for choosing TurboTax.

 

No, unfortunately, you can not carry forward your RRSP over-contribution to the next Tax year as you made the contribution in February 2021.  

This form is to be used by individuals who have overcontributed to a registered retirement saving plan (RRSP) in a given year. https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t1-ovp.html.

 

For more information visit this site: https://turbotax.intuit.ca/tips/how-to-resolve-rrsp-over-contributions-5540