If you've contributed more to your RRSP than your deduction limit allows, you may need to file a T1-OVP form. Here's how to handle this situation:

Determine if you need to file T1-OVP

1. Review your RRSP contribution limit on your latest Notice of Assessment
2. Compare it to your total RRSP contributions for the year
3. Check the CRA website to confirm if you need to file T1-OVP

Gather necessary documents

• RRSP, PRPP, and SPP statements
• Notices from financial institutions about excess contributions
• Your Schedule 7 from Wealthsimple Tax (if applicable)

Complete the T1-OVP form

1. Download the T1-OVP form from the CRA website
2. Calculate your excess contributions
3. Fill out the form with your personal information and contribution details

Submit your T1-OVP

1. Review your completed form for accuracy
2. Submit by mail or through your CRA My Account
3. Pay any taxes owing promptly to avoid interest charges

After submission

• Keep all documents and receipts for at least six years
• The CRA will calculate any tax or penalties based on your T1-OVP

Avoid future over-contributions

• Monitor your RRSP contribution room closely
• Consider setting up contribution alerts with your financial institution

You have options to remove excess funds from your RRSP:

• You can withdraw the amount to your bank account or complete an internal transfer to another Wealthsimple account. Withholding tax applies to these transactions based on the total amount and your province of residence.
• Alternatively, if you contact our support team, we can process a T3012A form to withdraw the over-contributed amount without withholding tax. This is an appeal to the CRA and is a lengthier process that we'll explain in full when you reach out.

For help understanding your RRSP contributions in Wealthsimple Tax please contact our support team. For advice on handling RRSP over-contributions or completing the T1-OVP please contact the CRA directly.