What to do if you went over your RRSP contribution limit Jun 19th

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What to do if you went over your RRSP contribution limit

– moneysense.ca

Ask MoneySense
I overcontributed to my RRSP by accident, and I am looking for some advice on how to deal with it. I contributed $3,550 to my 2022 RRSP in October 2022. I then forgot I made this contribution and again in February 2023 I made a $3,550 contribution.

What options to I have to address the over contribution? Can I count my February 2023 contribution towards my 2023 tax return?

—Ryan

How to fix an RRSP overcontribution

This is the time of year that people tend to find out about inadvertent overcontributions to their registered retirement savings plans (RRSPs). If you want to know where you stand, an income tax notice of assessment will show your:

RRSP deduction limit for the yearUnused RRSP contributions previously reported and available to deduct this yearAvailable RRSP contribution room (#1 minus #2)

If you have more unused RRSP contributions than you have RRSP deduction limit, that means you have an RRSP overcontribution.

What happens if you overcontribute to your RRSP?

A taxpayer is allowed to overcontribute to their RRSP by up to $2,000, Ryan…

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