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Over-Contribution on First 60 Days


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I contributed to the RRSP in 2021 and contributed to the RRSP in January and February 2022.

Among them, the amount contributed in February exceeded the RRSP limit.This is 350 dollars.

Can I claim only 2 cases and not claim the last RRSP that exceeds the limit?

Also, should I report this part when I claim next year?

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You can have an overcontibution of $2,000 that exceeds your limit without any problems. I suggest you enter the February 2022 amount on your 2021 return. It will then get carried over to tax year 2022 upon assessment and can be used as a deduction for 2022. The CRA 2021 assessment you receive will state the amount of the overcontribution being carried to 2022.

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Thanks.

I am working on tax return for 2021. I'm just over $350 in my RRSP limit. Does your suggestion mean that if I claim all the excess amount in this tax return, the excess amount will be automatically deducted next year?

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Unless Ufile warns you that you are over the $2,000 overcontibution amount you are ok. It's better to include it and have CRA recognize it based on the records they receive from the financial institution. Then review your 2021 NOA from CRA to see the $350 being carried forward.

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On 4/16/2022 at 3:40 PM, TheTaxSmith said:

Unless Ufile warns you that you are over the $2,000 overcontibution amount you are ok. It's better to include it and have CRA recognize it based on the records they receive from the financial institution. Then review your 2021 NOA from CRA to see the $350 being carried forward.

 

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If you are over the $2k amount and it is for a you will need to file a schedule with CRA to remove it. Don't just ask the institution to refund it to you. From the CRA site   "If you meet all of the previous conditions and have not already withdrawn the unused RRSP contributions, you can withdraw them without having tax withheld. To do this, fill out Form T3012A, Tax Deduction Waiver on the Refund of Your Unused RRSP, PRPP, or SPP Contributions from your RRSP."

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/making-withdrawals/withdrawing-unused-contributions.html

 

 

 

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