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What to do with $20 overcontribution on RRSP?


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I've made a mistake and over-contributed $20 to my RRSP.  How do I indicate this on UFile Online?
I only see fields for unused contributions on the RRSP form.


Edited by jde5
correct mispellings
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Actually, over the lifetime of your RRSP, you are allowed to overcontribute up to 2000$, before you are penalized. So just enter the overcontribution as a regular contribution and deduct it next year.

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Hello jde5,

CRA allows overcontribution up to $2,000 lifetime - nothing to do BUT keep it in mind for next year and do not overcontribute again.

If you end up with an RRSP over contribution in excess of the $2,000 lifetime buffer, you may owe taxes. The CRA will charge you a 1 percent penalty, assessed monthly, for each month you're over the limit.

Use the T1-OVP

‘2023 Individual Tax Return for RRSP, PRPP and SPP Excess Contributions’


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