- May 3, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Mistake in RRSP Contributions and Penalty
## My First Tax Year Experience in 2021
In 2021, I filed my taxes for the first time and mistakenly reported maximizing my RRSP contributions, when in reality, I did not do so. This error led to a penalty for over contributing to my RRSP in my 2022 return, which I had to pay. Now that I have realized my mistake, I have corrected it in my 2022 return and need to amend my tax returns using ReFile.
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You are going to need to explain this better. Not sure what you are saying. Did you say you contributed more rrsp than you actually did? Or are you talking about an overcontribution which you completed a T1-OVP for? What do you mean by not showing an overcorrection?
If you over contributed, then it would not allow you to deduct that amount and the overcontribution would have carried forward. There should be nothing to get back because you wouldn’t have been able to claim it in the first place.