Warning - Over contributions to RRSPThe program generates a warning when your RRSP contribution exceeds your "RRSP/PRPP deduction limit for 2019 (per 2018 assessment)", and a first warning telling you "You will not get any tax benefit from this overcontribution".
The excess contribution will be transferred to Schedule 7, Part D entitled "RRSP/PRPP unused contributions available to carry forward".
Part C of Schedule 7 will tell you the amount you can contribute on line 20800 of the federal return.
To remove the second warning, go back to the "Interview" tab and in the "Left side menu on the Interview tab" and select "RRSP contributions, limits'', and enter the amount you can contribute according to your notice of assessment for the previous year.
On the page on your right, go to the line "RRSP or PRPP/VRSP deduction to use (leave blank to use all your contributions as a deduction)" and enter the maximum amount you can contribute.
However, if in the "Review" tab and a warning will be generated informing you that your RRSP contribution exceeds your deductible maximum and if it exceeds $ 2,000 you are subject to penalties.
However, the CRA will may assess monthly penalties of 1 % on your over contribution.
Certain rules apply on unused RRSP contributions, we recommend you visit the following link for more information:
In addition, we suggest that you contact the CRA to explain your situation and to obtain information to correct the situation, in order not to be penalized if possible.
ID: 20200309075939DE.xml
Webpage: KPA385-20200309075939DE.htm