Should I file my tax return first or file T1032A to withdraw the excess contribution of RRSP then file 2023 tax return?

Forum|Forum|1 year ago
April 18, 2024
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My RRSP limit according to my last NOA is 14,578.00 but I contributed $17595.8 after including the contribution from Jan 01 - Feb 29th of 2024

TurboTaxSusan

You need to file the T1032A as soon as possible. You have until April 30 to file your tax return.

rhung_99_cAuthor

Hi, does T1032A has to come before the tax return submission? or should I just file the excess RRSP contribution amount in my 2023 tax return ? I see that it can take up to six weeks to get a response on T1032A submission but that'd be after the April 30th tax return deadline.

TurboTaxSusan

Sorry, I was thinking of the wrong form.

The T1032 Joint Election to Split Pension Income is part of your tax return, and will be sent together with the rest of your tax return forms. You can't use it to fix your over-contribution, though.

This CRA webpage explains how to deal with an Excess Contributions: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/contributing-a-rrsp-prpp/what-happens-you-over-your-rrsp-prpp-deduction-limit.html