MArcus1244 Posted April 20 Report Share Posted April 20 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) THanks Quote Link to comment Share on other sites More sharing options...
clw Posted April 20 Report Share Posted April 20 There is only one way to correct an overcontribution: fill out and mail in a T1-OVP form. Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 21 Report Share Posted April 21 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’ 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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