Due date for paying a balance owing on a form T1-OVP
You have to pay any balance owing on a Form T1-OVP, 2020 Individual Income Tax Return for RRSP, PRPP and SPP Excess Contributions, no later than 90 days after the end of the year in which the unused contributions exist. However, if the due date for payment falls on a Saturday, Sunday or a public holiday recognized by CRA, we consider the payment to be paid on time if we receive it or if it is postmarked on the next business day.
For more information on this subject, see What happens if you go over your RRSP deduction limit?
If you cannot pay your balance owing on time, we will accept a payment arrangement only after you have reasonably tried to obtain the necessary funds by borrowing or re-arranging your financial affairs. If you cannot pay the balance in full, you should contact your tax services office to discuss a mutually acceptable payment arrangement based on your ability to pay. We will still charge daily compound interest on any outstanding balance starting the day after the due date, until you pay it in full.
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