waynewyl

Hi @Nawal, my concern is not how much I can deduct for the 2020 tax return, I understand that it's up to $20,000. My concern is whether the additional contributions I made in first 60 days is considered as overcontribution.

Sorry I'm new here, is Nawal a staff from UFile in which I can expect to get a response from?

Thanks @TheTaxSmith, appreciate your replies. Hi @Nawal, will you be able to take a look at this?

Here are my entries: $20,000 for "RRSP/PRPP deduction limit for 2020 (2019 assessment)" $15,000 for ""March to December 2020" $13,000 for First 60 days of 2021" and then doesn't matter what $ I put in "RRSP or PRPP/VSSP deduction to use in 2020", I would get this message "The government will assess monthly penalties of 1% on your overcontribution"

Thanks a lot for the reply. What worries me is UFile's warning language is so certain that I over-contributed (something along the lines of "CRA will assess a penalty" ).

Hi all, quick question in regards to how much RRSP I can contribute on the first 60 days. Say in my 2019 NOA it shows that I have RRSP room of $20,000, and I completed the following transactions: 1. June 2020 - contributed $15,000 into RRSP 2. Feb 2021 - contributed $13,000 into RRSP Did I over-contributed? My initial thought is no, because I can choose not to apply the $13,000 that I contributed in Feb 2021 (with first 60 days for 2021) for my 2020 Tax Return, and that I anticipate I'll have another $20,000 room for 2021. However, UFile keep saying I over-contributed and would result in penalty (even if I only choose to apply $1 as RRSP deduction for 2020). Thoughts? Thanks, Wayne