Hello, I have a few questions regarding my RRSP over contribution.
I contributed an amount to my RRSP in March 2023, but soon realized that I do not have any deduction room so I withdrew the full amount in March. At the time I did not know that I should fill out a T3012A.
I understand that I will have to pay income tax on the amount that I withdrew besides the withholding tax that was deducted. But my question is, should I report this RRSP contribution (I have a contribution slip) for 2023 even though I withdrew it in the same month?
I understand that if I withdraw from RRSP, the contribution room will be gone forever, but in the case that I already run out of contribution room, will this withdrawal of overcontributed amount affect my contribution room calculation next year?
My last question is, do I have to take any other actions to inform CRA that I withdrew the over-contributed amount or simply filing my taxes, reporting my RRSP withdrawal as income?
Thank you so much for your help in advance!
As per the CRA-Over contribution.
You should advise the CRA when you do over contribute over $2000.00 more than what you were able to.
Yes, you will need to claim any RRSP slips you received from the contribution to the withdrawl.
Here is a great TurboTax article: Over Contributed.
For more information please contact the CRA at 1-800-959-8281
Thank you for choosing TurboTax.
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