Personal Finance

RRSP Over Contribution Question

  • Last Updated:
  • May 24th, 2019 10:27 am
[OP]
Jr. Member
Aug 30, 2012
137 posts
22 upvotes

RRSP Over Contribution Question

I just received my 2018 CRA notice of assessment and noted that my lump sum RRSP contribution made in Feb 2019 exceeds the 2019 contribution room by $4,000ish. I am in a process to complete CRA Form T3012A to withdraw the excessive amount with tax deduction waiver. My question is am I right to consider this is a 2019 tax year issue and put 2019 on top of the form to start with? Thanks for your advice.
3 replies
Member
May 24, 2018
395 posts
250 upvotes
Ontario
Are you talking about (1) "RRSP contribution made in Feb 2019" (deducted in tax year 2018 ) and (2) "2019 contribution room (& 2019 deduction limit)" stated on the same NOA ?

If over your 2018 deduction limit? Here's what to do
[OP]
Jr. Member
Aug 30, 2012
137 posts
22 upvotes
hwyc2007 wrote: Are you talking about (1) "RRSP contribution made in Feb 2019" (deducted in tax year 2018 ) and (2) "2019 contribution room (& 2019 deduction limit)" stated on the same NOA ?

If over your 2018 deduction limit? Here's what to do
Thanks for your reply. I am in process to withdraw the excessive contribution but not too sure what tax year my over contribution issue will be when completing Form T3012A. The RRSP contribution made in Feb 2019 was not deducted towards tax year 2018 (separate contribution was made in 2018) and that amount was found exceeding the contribution room stated on the 2018 tax year NOA received in May 2019.
Member
May 24, 2018
395 posts
250 upvotes
Ontario
According to the first bullet on T3012 and since contribution was made in 2019, it seem correct to put 2019 on top of form.

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