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RRSP contribution for 2024


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Hi All,

In 2023 I made my full RRSP contribution for the 2023 tax year. In Jan and Feb of this year (2024) I made the full contribution thinking it was possible to direct that as my contribution for the 2024 tax year, but I'm getting an "over contribution" warning from Ufile presumably because we're still in the first 60 days of 2024 and so it's applying the 2024 contribution to the 2023 tax year.

I was under the impression that contributions in the first 60 days of a calendar year could be applied to either the previous calendar year's tax return or the current calendar year's tax return. Am I wrong and I have now over contributed to the 2023 tax year (which I have not yet filed)?

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OK, thanks for the reply. Do you know how I can allot the amount to future contribution room? Would that space not be opening up soon on March 1 anyway? So do I just leave the amount in there and only take the 1% penalty for the month or so that I have overcontributed?

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Yes that would be the way to proceed. But I am not sure how the CRA enforces the penalties. I would call them anonymously, and just ask a general question about how to proceed; if the over contribution is small, they may waive the penalty. 

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  • 1 month later...

My first 60 days of 2024 is $30,504 and want to use only $26,000 for 2023 tax filing so that I do not exceed my RRSP deduction limit of $33,321.

I see the First 60 days of 2024 bucket but don't see any carry over to tax year 2024 bucket.

Please advise how to split my 1st 60 days 2024 contribution. I should have a choice to decide if I want to use 1st 60 days contribution to 2023 tax year 

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