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L
lovers
Level 2
March 31, 2021
Question

Overcontributed RSP

  • March 31, 2021
  • 1 reply
  • 2 views

We have overcontributed 5000.00 from 2017.   We have now withdrawn the RSP in 2021.   We would like to clear this up with CRA.  What are the steps we should be doing to clear this up.  Would love to get this finalized

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1 reply

J
janisbossenberry
Level 7
March 31, 2021

Well, it depends.  If you filed a T3012A with the RRSP holder and CRA in order to withdraw the $5,000 without any withholding tax, then that will allow you to take a deduction on the 2021 tax return to offset the income inclusion of $5,000.  If you did not file the T3012A, then the $5,000 will be reported as income still and you might be able to claim an offsetting deduction using form T746.  There are rules, so it is best to look at the Guide T4040 for RRSP plans.  The most painful part of the overcontribution is that you have to file form T1OVP for each year that the over contribution was in the plan - this is the form you use to calculate the 1% per month penalty tax that is owed.  There is a T1OVP-S which is called the simplified form - doesn't look much simpler.  

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