jde5 Posted March 26 Report Share Posted March 26 (edited) Hi, I've made a mistake and over-contributed $20 to my RRSP. How do I indicate this on UFile Online? I only see fields for unused contributions on the RRSP form. Thanks Edited March 26 by jde5 correct mispellings Quote Link to comment Share on other sites More sharing options...
clw Posted March 26 Report Share Posted March 26 Actually, over the lifetime of your RRSP, you are allowed to overcontribute up to 2000$, before you are penalized. So just enter the overcontribution as a regular contribution and deduct it next year. Quote Link to comment Share on other sites More sharing options...
jde5 Posted March 26 Author Report Share Posted March 26 Thank you! I actually called CRA earlier (waited a while before getting an agent), and got the same info. But I appreciate your response. Cheers Quote Link to comment Share on other sites More sharing options...
Geo123 Posted March 26 Report Share Posted March 26 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’ https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t1-ovp.html Quote Link to comment Share on other sites More sharing options...
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