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RRSP overcontribution

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Hi, I overcontributed to RRSP in 2023 by 15k. 

This is also being pointed out in my UFIle tax declaration for 2023. 

Can I correct the overcontribution within UFile (it seems this is the case as my amount due is much higher than in previous years) ?

OR do I need to correct my over contribution addtionally with the submission of a separate form (submission of 2023 Individual Tax Return for RRSP, PRPP and SPP Excess Contributions to CRA?)?

I just want to avoid that I correct twice (through my tax declaration as this registered the over contribution AND through an additional form to the CRA)



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Hello MArcus1244,

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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