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From CRA website5 y; ~3 M' m0 ^' h$ e3 r
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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 2008, plus $2,000.
) p& s- y4 `) VThe $2,000 is reduced when you have a negative RRSP deduction limit which may be due to the Past Service Pension Adjustment (PSPA) amount. In addition, if you were younger than 18 years of age at any time during the calendar year, you do not qualify for the additional $2,000 amount.6 v: u1 z; y) Z2 V6 y: O# ?3 l
A tax of 1% per month may apply to certain excess contributions you made in 1991 and later years that are left in the plan. However, if your unused contributions resulted from mandatory group RRSP contributions or from contributions that you made before February 27, 1995, you may not have to pay this 1% tax on all your unused contributions.
* |: S7 _4 R; d F$ ` c5 tConsult our six-step process to determine if you have to complete a T1-OVP, 2008 Individual Tax Return for RRSP Excess Contributions, which is the form used to calculate the amount subject to tax and the tax payable.& z) T4 R r6 i" W7 z
If you determine that you have to pay this 1% tax, you have to pay it no later than 90 days after the end of the year in which the unused contributions exist.! L2 c- N2 _2 s3 W$ A
Attach your payment to the completed T1-OVP and submit it to your tax centre. If you do not pay your tax by the deadline, you may also have to pay arrears interest on any unpaid amount. |
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