T1-OVP - Individual Tax Return for RRSP Excess Contributions

T1-OVP - Individual Tax Return for RRSP Excess Contributions

Note: Complete this form only if you made excess contributions before February 27, 1995 or if you made mandatory contributions to a group RRPS. Otherwise, use form T1-OVP- S.

Excess contributions
Generally, you made excess contributions to an RRSP under which you or your spouse or common-law partner is the annuitant if your unused contributions from prior years and your current calendar year contributions are more than your RRSP deduction limit shown on your latest notice of assessment, notice of reassessment or a T1028 Your RRSP information for 2010, plus $2,000.
A tax of 1% per month may apply to certain excess contributions you made in 1991 and later years, that are left in the plan.

Consult the six following steps to determine if you have to complete a T1-OVP Individual Tax Return for RRSP Excess Contributions, which is the form used to calculate the amount subject to tax and the tax payable.

Step 1 - Determining if one of these situations apply to you

You contributed amounts to your RRSP or your spouse's RRSP or common-law partner's RRSP from January 1, 1991 to December 31, 2010, that you did not and will not deduct on your 2010 or earlier year returns.

A gift was donated to your RRSP from January 1, 1991 to December 31, 2010.

If one of these situations applies to you, go to Step 2.

If neither of these situations apply to you, you do not have to complete a 2010 T1-OVP.

Step 2 - RRSP deduction limit more than the total of unused RRSP contributions

Your 2009 RRSP deduction limit from your latest notice of assessment or notice of reassessment or from your T1028 is more than the total of your unused RRSP contributions (including gifts) made from January 1, 1991, to December 31, 2009, plus the total of any RRSP contributions (including gifts) made during 2010.

If the answer is no, go to Step 3.

If the answer is yes, you do not have to complete a 2010 T1-OVP.

Step 3 - You were younger than 18 years old at any time in 2010

If the answer is no, go to Step 4.

If the answer is yes, you may be subject to tax on your unused RRSP contributions. Complete a 2010 T1-OVP-S to determine the amount of this tax.

Step 4 - The total of unused RRSP deduction limit is less than RRSP deduction limit

Your unused RRSP contributions (including gifts) made from January 1, 1991 to December 31, 2010 are less than the total of your 2010 RRSP deduction limit from your latest Notice of Assessment or Notice of Reassessment plus $2,000.

If the answer is no, go to Step 5.

If the answer is yes, you do not have to complete a 2010 T1-OVP.

Step 5 - Situations that may apply to you

At the end of 2010, all of your unused RRSP contributions (including gifts) were made before February 27, 1995.

All of your unused RRSP contributions (including gifts) were made from January 1, 1991 to February 26, 1995, and their total was $8,000 or less.

You did not contribute to an RRSP from February 27, 1995 to December 31, 2010.

Step 6 - Participation in a qualifying group RRSP

All the unused contributions were qualifying group RRSP contributions as a result of your participation in a qualifying group RRSP.

If the answer is yes, you do not have to complete a 2010 T1-OVP.

If the answer is no, you may be subject to tax on your unused RRSP contributions. Complete a 2010 T1-OVP to determine the amount of this tax.

Useful links:

RRSPs and Other Registered Plans for Retirement guide (T4040)
IC72-22R9, Registered Retirement Savings Plans
IT124R6, Contributions to Registered Retirement Savings Plan