UFILER 47 Posted February 23, 2018 Report Share Posted February 23, 2018 am getting a warning from Ufile that says "Your RRSP contribution exceeds your deduction limit". When I reduce the contribution my tax refund also goes down. So I am wondering what this warning means? How can I calculate the correct contribution to maximize my return? this was from another chap with no answers, can anyone explain the the topics are on that page dealing with RRSPs Link to comment Share on other sites More sharing options...
Antoine7 Posted February 23, 2018 Report Share Posted February 23, 2018 Hello UFILER 47 Warning - Over contributions to RRSP The program generates a warning when your RRSP contribution exceeds your "RRSP/PRPP deduction limit for 2017 (per 2016 assessment, line A)", and also a second warning that the program will limit your contribution to the eligible amount. The excess contribution will be transferred to Schedule 7, Part D entitled "RRSP/PRPP unused contributions available to carry forward". To remove the second warning, go back to the "Interview" tab and in the "Left side menu on the Interview tab" and select "RRSP contributions, limits''. On the page on your right, go to the line "RRSP or PRPP/VRSP deduction to use (leave blank to use all your contributions as a deduction)" and enter the maximum amount you can contribute. Go back to the "Review" tab and a warning will be generated informing you that your RRSP contribution exceeds your deductible maximum and if it exceeds $ 2,000 you are subject to penalties. However, the CRA will may assess monthly penalties of 1 % on your over contribution. Certain rules apply on unused RRSP contributions, we recommend you visit the following link for more information: http://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/contributing-a-rrsp-prpp/what-happens-you-over-your-rrsp-prpp-deduction-limit.html In addition, we suggest that you contact the CRA to explain your situation and to obtain information to correct the situation, in order not to be penalized if possible. Link to comment Share on other sites More sharing options...
RRSP2018 Posted March 11, 2019 Report Share Posted March 11, 2019 Even if you contribute exactly $2000 over your RRSP contribution limit the online app still indicates you have over contributed and will carry over the overage amount. How can you work around this default measure in place? Link to comment Share on other sites More sharing options...
Antoine7 Posted March 12, 2019 Report Share Posted March 12, 2019 Hi RRSP2018, Warning - Over contributions to RRSP The program generates a warning when your RRSP contribution exceeds your "RRSP/PRPP deduction limit for 2018 (per 2017 assessment)", and a second warning that the program will limit your contribution to the eligible amount. The excess contribution will be transferred to Schedule 7, Part D entitled "RRSP/PRPP unused contributions available to carry forward". To remove the second warning, go back to the "Interview" tab and in the "Left side menu on the Interview tab" and select "RRSP contributions, limits''. On the page on your right, go to the line "RRSP or PRPP/VRSP deduction to use (leave blank to use all your contributions as a deduction)" and enter the maximum amount you can contribute. Go back to the "Review" tab and a warning will be generated informing you that your RRSP contribution exceeds your deductible maximum and if it exceeds $ 2,000 you are subject to penalties. However, the CRA will may assess monthly penalties of 1 % on your over contribution. Certain rules apply on unused RRSP contributions, we recommend you visit the following link for more information: http://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/contributing-a-rrsp-prpp/what-happens-you-over-your-rrsp-prpp-deduction-limit.html In addition, we suggest that you contact the CRA to explain your situation and to obtain information to correct the situation, in order not to be penalized if possible. Link to comment Share on other sites More sharing options...
RRSP2018 Posted March 12, 2019 Report Share Posted March 12, 2019 I did that and it will not allow the overage. It is permissible to go over by $2000, but the app wont allow it. Link to comment Share on other sites More sharing options...
Antoine7 Posted March 12, 2019 Report Share Posted March 12, 2019 Given the particularity of your situation, we suggest that you send your request to the UFile support group. Support@ufile.ca Link to comment Share on other sites More sharing options...
GeeCee9 Posted February 6, 2020 Report Share Posted February 6, 2020 I am getting the same warning, but my 2019 contributions do not exceed the amount I have available for prior years. I entered the Available Contribution Room per the instructions to use the number on my 2018 Notice of Assessment. My 2019 contributions were about 2/3 of the amount allowed according to the 2018 Notice of Assessment. Why the warning? Link to comment Share on other sites More sharing options...
GeeCee9 Posted February 6, 2020 Report Share Posted February 6, 2020 I may have answered my own question--Ufile asks for "Unused RRSP contribution room from the 2018 Notice of Assessment" This I gather is DIFFERENT from "Available Contribution Room." Once I removed the "Unused RRSP Contribution Room" amount, the warning went away. Link to comment Share on other sites More sharing options...
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