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What is the form T3012A for RRSP over contribution?

What is the Tax Deduction Waiver on the Refund of Your Unused RRSP, PRPP or SPP? This form, called form T3012A allows you to withdraw unused RRSP contributions, without taxes being withheld.

What happens if I went over my TFSA contribution limit?

This tax of 1% per month is based on the highest excess TFSA amount in your account for each month in which an excess remains. This means that the 1% tax applies for a particular month even if an excess TFSA amount was contributed and withdrawn later during the same month.

How do I resolve RRSP over contribution?

You can ask the CRA in writing to consider cancelling or waiving the tax if the following two conditions are met: your excess contributions on which the tax is based arose due to a reasonable error; and. you are taking, or have taken, reasonable steps to eliminate the excess contributions.

Is there a penalty if you made an Overcontribution of exactly $2000 for TFSA?

Where an individual exceeds their TFSA contribution limit for the year, the excess amount, referred to as a TFSA excess amount, is subject to a penalty tax of 1% per month. The tax is calculated based on the highest excess amount for the month and, unlike RRSPs, the TFSA does not allow for a $2,000 grace amount.

How much trading is too much in TFSA?

Read this previous question to learn more. Trades within your TFSA can be made as often as you like, without having to pay a capital gains tax. However, note that conversely you cannot use capital losses on investments in your TFSA to offset the gains.

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What happens if I exceed my RRSP contribution limit?

There is a 1% monthly penalty for overcontributions greater than $2,000, until the amount is withdrawn or your limit covers the excess contribution. For more information, consult our page on maximum RRSP contributions.

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What is the form T3012A for RRSP over contribution?

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How much trading is too much in TFSA?

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