Personal Finance

RRSP over contribution

  • Last Updated:
  • Mar 24th, 2022 4:10 pm
Deal Expert
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Sep 1, 2005
17500 posts
12232 upvotes
Markham
smartie wrote: Unfortunately have to bump this thread again lol

So for over contributions, CRA said I need fill in the form T1-OVP and send to this address:

Canada Revenue Agency
Pension Workflow Team
Sudbury Tax Centre
PO Box 20000, Station A
Sudbury, ON P3A 5C1

Meanwhile, he said I can send request to above address to ask them to fill out the form on my behalf. What does this mean? I didn't deposit anything to my RRSP, mainly it's from company's share plan, so It's not one time contribution. How CRA know how to fill in the form?

Thanks
You started this thread April 2021 and you still haven't done anything 11 months later?

Just take out the excess amount $4000 [6000 excess less 2000 allowable over contribution and call it a day. Do that now.

The T1-OVP is supposed to be voluntarily filed and a penalty paid equal to 1% per month over the allowable excess overcontribution of $2000. In your case, that amount is not a lot of money so let CRA do the calc and come after you. Once you take out the excess the penalties stop from that point forward.

When you make your RSP contribution in the future, you need to factor in that you also have contribution thru your work.
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[OP]
Deal Guru
Dec 5, 2006
12647 posts
7772 upvotes
Markham
gr8dlr wrote: You started this thread April 2021 and you still haven't done anything 11 months later?

Just take out the excess amount $4000 [6000 excess less 2000 allowable over contribution and call it a day. Do that now.

The T1-OVP is supposed to be voluntarily filed and a penalty paid equal to 1% per month over the allowable excess overcontribution of $2000. In your case, that amount is not a lot of money so let CRA do the calc and come after you. Once you take out the excess the penalties stop from that point forward.

When you make your RSP contribution in the future, you need to factor in that you also have contribution thru your work.
Thanks

Yes, I just sold part portfolio to cash(at least S&P 500 is green today), also booked a meeting tomorrow with TD. Chase CRA is better :)

Yes, I usually remember company's contribution. But covid dropped my IQ to 50 now lol

Thanks for feedback!

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