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RRSP Contributions


quinbus

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If I make my entire 2018 RRSP contribution in the first 60 Days, Ufile says I have overcontributed by way more than the $2000 overcontribution limit.

However, this Contribution is not intended for Tax Year 2017. Will CRA know that contributions made in 2018 are not 'really' overcontributions since they dont need to be claimed until 2018 tax year?

Alan

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Hi Alan

Only claim the 2017 contributions on your tax return.  The receipt rec'd for the first 60 days of 2018 can be applied to the 2018 tax return.

The gov't allows you to use the current years (2018) first 60days contribution with your 2017 contributions if its advantageous for you, otherwise save it for next year.

 

D

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