Determine if you have to fill out a T1-OVP
If you follow the steps below and determine that you do not have to fill out a 2023 T1-OVP return, you are not subject to the 1% per month tax. You do not have to go any further.
When you file your return, send documents that identify the exact months of all RRSP, PRPP, and SPP contributions and RRSP, PRPP, SPP or RRIF withdrawals you made in 2023. Please note RRSP receipts, T4RSP and T4RIF slips do not contain this information. If the supporting documents received do not show the exact months of the contributions or withdrawals, the CRA may assess the T1-OVP return based on their records. This means that the CRA would include contributions from the first 60 days of the year in January and include the contributions from the rest of the year in March. As well, the CRA would include the withdrawal(s) in December.
If your 2023 RRSP deduction limit includes a net Past Service Pension Adjustment (PSPA) for 2023 or your unused RRSP deduction limit at the end of 2022 is a negative amount, fill out a T1-OVP 2023, Individual Tax Return for RRSP, PRPP and SPP Excess Contributions to determine if you are subject to the 1% per-month tax. If you are not subject to this tax for 2023, you may be subject to it for 2024.
Step 1: Does one of these situations apply to you?
- You contributed amounts to your PRPP, RRSP, or SPP or your spouse’s or common-law partner’s RRSP or SPP from January 1, 1991 to December 31, 2023, that you did not and will not deduct on line 20800 (line 208 for 2018 and prior years) on your income tax and benefit return
- A gift was made to your RRSP from January 1, 1991, to December 31, 2023. A gift is any amount that someone other than you or your spouse or common‑law partner contributed to your RRSP.
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 fill out a 2023 T1-OVP return.
Step 2: RRSP deduction limit more than the total of unused RRSP contributions
Is your 2023 RRSP deduction limit from your latest notice of assessment, notice of reassessment, or T1028, Your RRSP Information for 2023, is more than the total of your unused RRSP, PRPP and SPP contributions (including gifts) made from January 1, 1991 to December 31, 2023, plus the total RRSP, PRPP, or SPP contributions (including gifts and employer PRPP contributions) made during 2023?
If no, go to Step 3.
If yes, you do not have to fill out a 2023 T1-OVP return.
Step 3: Were you younger than 19 at any time in 2023?
If no, go to Step 4.
If yes, you may be subject to tax on your unused RRSP, PRPP, or SPP contributions. Fill out a 2023 T1-OVP-S, Simplified Individual Tax Return for RRSP, PRPP and SPP Excess Contributions, to determine the amount of this tax.
When you file your return, send documents that identify the exact months of all RRSP, PRPP, and SPP contributions and RRSP, PRPP, SPP, or RRIF withdrawals you made in 2023. Please note RRSP receipts, T4RSP and T4RIF slips do not contain this information.
If the supporting documents received do not show the exact months of the contributions or withdrawals, the CRA may assess the T1-OVP return based on their records. This means that the CRA would include contributions from the first 60 days of the year in January and include the contributions from the rest of the year in March. As well, the CRA would include the withdrawal(s) in December.
Step 4: The total of unused RRSP limit is less than RRSP deduction limit
Are your unused RRSP, PRPP or SPP contributions (including gifts) made from January 1, 1991 to December 31, 2023, less than the total of your 2023 RRSP deduction limit from your latest notice of assessment or notice of reassessment plus $2,000?
If no, go to Step 5.
If yes, you do not have to fill out a 2023 T1-OVP return.
Step 5: Situations that may apply to you
Do any of these situations apply to you?
- At the end of 2023, all of your unused RRSP/PRPP contributions (including gifts) were made before February 27, 1995
- All of your unused RRSP/PRPP 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, a PRPP, or SPP from February 27, 1995 to December 31, 2023
If all of these situations apply to you, you do not have to fill out a 2023 T1-OVP return.
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 at the end of 2023 mandatory contributions made in 2023 as a result of your participation in a qualifying group RRSP contribution?
If yes, you do not have to fill out a 2023 T1-OVP return.
If no, you may be subject to tax on your unused RRSP, PRPP, or SPP contributions. Fill out a 2023 T1-OVP return to determine the amount of this tax. When you file your return, send documents that identify the exact months of all RRSP, PRPP, and SPP contributions and RRSP, PRPP, SPP, or RRIF withdrawals you made in 2023. Please note RRSP receipts, T4RSP and T4RIF slips do not contain this information.
If the supporting documents received do not show the exact months of the contributions or withdrawals, the CRA may assess the T1-OVP return based on their records. This means that the CRA would include contributions from the first 60 days of the year in January and include the contributions from the rest of the year in March. As well, the CRA would include the withdrawal(s) in December.
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