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 2019 T1-OVP, you are not subject to the 1% per month tax. You do not have to go any further.

If your 2019 RRSP deduction limit includes a net Past Service Pension Adjustment (PSPA) for 2019 or your unused RRSP deduction limit at the end of 2018 is a negative amount, fill out a T1-OVP, 2019 Individual Tax Return for RRSP, SPP and PRPP Excess Contributions to determine if you are subject to the 1% per-month tax. If you are not subject to this tax for 2019, you may be subject to it for 2020.

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, 2019, that you did not and will not deduct on line 20800 on your 2019 or line 208 of prior year Income Tax and Benefit Return
  • A gift was made to your RRSP from January 1, 1991, to December 31, 2019

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 2019 T1-OVP.

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

Is your 2019 RRSP deduction limit from your latest notice of assessment, notice of reassessment, or T1028, Your RRSP Information for 2019, is more than the total of your unused RRSP/PRPP contributions (including gifts) made from January 1, 1991 to December 31, 2019, plus the total RRSP and PRPP contributions (including gifts and employer PRPP contributions) made during 2019?

If no, go to Step 3.
If yes, you do not have to fill out a 2019 T1-OVP.

Step 3: Were you younger than 19 at any time in 2019?

If no, go to Step 4.
If yes, you may be subject to tax on your unused RRSP/PRPP contributions. Fill out a T1-OVP-S, 2019 Simplified Individual Tax Return for RRSP, SPP and PRPP Excess Contributions, to determine the amount of this tax.

Step 4: The total of unused RRSP limit is less than RRSP deduction limit

Are your unused RRSP contributions (including gifts) made from January 1, 1991 to December 31, 2019, less than the total of your 2019 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 2019 T1-OVP.

Step 5: Situations that may apply to you

  • At the end of 2019, 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 or PRPP from February 27, 1995 to December 31, 2019

If all of these situations apply to you, you do not have to fill out a 2019 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 at the end of 2019 mandatory contributions made in 2019 as a result of your participation in a qualifying group RRSP contribution?

If yes, you do not have to fill out a 2019 T1-OVP.
If no, you may be subject to tax on your unused RRSP/PRPP contributions. Fill out a 2019 T1-OVP to determine the amount of this tax.

Report a problem or mistake on this page
Please select all that apply:

Thank you for your help!

You will not receive a reply. For enquiries, contact us.

Date modified: