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Individuals > RRSPs and related plans > RRSP > Contributing to an RRSP > Excess contributions

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Determine if you have to complete a T1-OVP

If you follow the steps below and arrive at a point where we say, "You do not have to complete a 2011 T1-OVP," you are not subject to the 1% per-month tax. You do not have to go any further.

If your 2011 RRSP deduction limit includes a net PSPA for 2011 or your unused RRSP deduction limit at the end of 2010 is a negative amount, complete a T1-OVP, 2011 Individual Tax Return for RRSP Excess Contributions, to determine if you are subject to the 1% per-month tax. If you are not subject to this tax for 2011, you may be subject to it for 2012.

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, 2011, that you did not and will not deduct on line 208 on your 2011 or earlier year returns.
  • A gift was made to your RRSP from January 1, 1991, to December 31, 2011.

If one of these situations applies to you, go to Step 2.
If neither of these situations applies to you, you do not have to complete a 2011 T1-OVP.

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

Your 2011 RRSP deduction limit from your latest notice of assessment, notice of reassessment, or T1028 is more than the total of your unused RRSP contributions (including gifts) made from January 1, 1991, to December 31, 2010, plus the total of any RRSP contributions (including gifts) made during 2011.

If the answer is no, go to Step 3.
If the answer is yes, you do not have to complete a 2011 T1-OVP.

Step 3: Were you younger than 19 at any time in 2011?

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 T1-OVP-S, 2011 Simplified Individual Tax Return for RRSP Excess Contributions, 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, 2011, are less than the total of your 2011 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 2011 T1-OVP.

Step 5: Situations that may apply to you

  • At the end of 2011, 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, 2011.

If all of these situations apply to you, you do not have to complete a 2011 T1-OVP.
If one of these situations does not apply to you, go to Step 6.

Step 6: Participation in a qualifying group RRSP

Were all the unused contributions mandatory contributions made in 2011 as a result of your participation in a qualifying group RRSP contribution?

If the answer is yes, you do not have to complete a 2011 T1-OVP.
If the answer is no, you may be subject to tax on your unused RRSP contributions. Complete a 2011 T1-OVP to determine the amount of this tax.

If you have RRSP excess contributions made from February 27, 1995, to December 31, 2011, that are subject to tax, complete a T1-OVP-S for each applicable tax year.

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Date Modified: 2012-01-04

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