Overcontributed to my RRSP for 2017. Took measures to withdraw all excess amount saved in Jan-Apr 2018. Do I need to report Jan-Feb 2018 amount on 2017 tax report?
Overcontributed to my RRSP for 2017. Took measures to withdraw all excess amount saved in Jan-Apr 2018. Do I need to report Jan-Feb 2018 amount on 2017 tax report?
I have over contributed to my RRSP in 2017 by $3100. I've
only realized this in April 2018 when I immediately took measures to stopped
all the contributions and withdraw all the RRSP funds deposited between Jan-Apr
2018. I have received a receipt for my RRSP contributions for Jan-Feb 2018. My
question is: do I have to report this receipt on my 2017 income tax report
since I will withdraw this amount anyway? Should I report but not deduct the
amount for 2017? Thank you
Overcontributed to my RRSP for 2017. Took measures to withdraw all excess amount saved in Jan-Apr 2018. Do I need to report Jan-Feb 2018 amount on 2017 tax report?
@orimia you should report your RRSP contribution as per the receipt if you wish for it to be deducted from your taxes. However, when you withdraw the excess amount from your RRSP, you will receive another receipt. This can be used in 2018 to balance out the amount.
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