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Does UFile handle excess RRSP contribution process?


CRS

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I filled out my 2023 tax info in UFile this weekend, but have not yet submitted.  It appears that I've overcontributed to my RRSPs by about $4,700 (or by about $2,700 if I ignore my Jan and Feb 2024 contributions).  I have not submitted my return to the CRA through UFile just yet.

From what I'm reading online, I need to complete a T1-OVP-S 2023 Simplified Individual Tax Return for RRSP, PRPP and SPP Excess Contributions form and submit it to the CRA.  My question is:

  • Can I choose not to include the Jan and Feb 2024 contributions for the 2023 tax year? (not that it gets me below my contribution limit, but still...)
  • Does UFile handle the overcontribution process?  (i.e. the T1-OVP-S part)
  • If UFile cannot handle the above, can I still submit my 2023 tax return  through UFile and send the T1-OVP-S separately in the mail?  Or do I need to submit everything together (i.e. I have to abandon my UFile submission for the 2023 tax year and submit through the regular mail or through H&R Block, etc.)
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Hello CRS,

You must complete the from from the CRA, it is not supported by UFIle. Please contact the CRA for instructions :

 

Please contact the CRA at 1-800-959-8281 

CRA

https://www.canada.ca/en/revenue-agency/corporate/contact-information.html

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
 

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