[RRSP Over-Contribution on First 60 Days]

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. 

 

[RRSP Over-Contribution on First 60 Days]

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

[RRSP Over-Contribution on First 60 Days]

 

Thanks @TheTaxSmith, appreciate your replies.

Hi @Nawal, will you be able to take a look at this? 

 

[RRSP Over-Contribution on First 60 Days]

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"

 

 

[RRSP Over-Contribution on First 60 Days]

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" ).

[RRSP Over-Contribution on First 60 Days]

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