Determine if you have to complete a T1-OVP

If you follow the steps below and determine that you do not have to complete a 2018 T1-OVP, you are not subject to the 1% per month tax. You do not have to go any further.

If your 2018 RRSP deduction limit includes a net Past Service Pension Adjustment (PSPA) for 2018 or your unused RRSP deduction limit at the end of 2017 is a negative amount, complete a T1-OVP, 2018 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 2018, you may be subject to it for 2019.

Step 1: Does one of these situations apply to you?

 

  • You contributed amounts to your PRPP, RRSP, or your spouse’s or common-law partner’s RRSP from January 1, 1991 to December 31, 2018, that you did not and will not deduct on line 208 on your 2018 or prior year income tax and benefit return
  • A gift was made to your RRSP from January 1, 1991, to December 31, 2018

 

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 complete a 2018 T1-OVP.

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

Is your 2018 RRSP deduction limit from your latest notice of assessment, notice of reassessment, or T1028, Your RRSP Information for 2018, is more than the total of your unused RRSP/PRPP contributions (including gifts) made from January 1, 1991 to December 31, 2018, plus the total RRSP and PRPP contributions (including gifts and employer PRPP contributions) made during 2018?

If no, go to Step 3.
If yes, you do not have to complete a 2018 T1-OVP.

Step 3: Were you younger than 19 at any time in 2018?

If no, go to Step 4.
If yes, you may be subject to tax on your unused RRSP/PRPP contributions. Complete a T1-OVP-S, 2018 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, 2018, less than the total of your 2018 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 complete a 2018 T1-OVP.

Step 5: Situations that may apply to you

  • At the end of 2018, 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, 2018

If all of these situations apply to you, you do not have to complete a 2018 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 2018 mandatory contributions made in 2018 as a result of your participation in a qualifying group RRSP contribution?

If yes, you do not have to complete a 2018 T1-OVP.
If no, you may be subject to tax on your unused RRSP/PRPP contributions. Complete a 2018 T1-OVP to determine the amount of this tax.

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