T1-OVP 2020 and 2019

I received a CRA letter which told me to fill out the 2020 T1-OVP form and 2019 T1-OVP form.

My 2021 notice of assessment showed a negative balance for the “Available contribution room for 2022 (4,950)”.

I didn’t realize I over-contributed RRSP till now.

Any advice about filling out the T1-OVP forms?

How to calculate the penalty considering there is $2,000 forgiveness?

Suggest you reach out to a tax professional. That being said, a couple of things that may help: T1 OVP is available in taxcycle in the T1 module and is easier to complete then CRA’s fillable PDF. I would also recommend pulling the RRSP contribution and contribution limit history in your CRA portal which will help fill out the form. Technically the amount due is a tax and not a penalty: 1% tax per month of over-contribution, the penalty will apply as a result of late filing + interest. The T1 OVP form automatically includes the $2000 tax free over-contribution room. Good luck. Greg.

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You need your MONTHLY balances to complete the T1-OVP. Some investment firms like Sun Life do not automatically provide monthly totals. Sun Life charges a fee to get the monthly totals.

Without those totals, neither you nor any software app can accurately complete the T1-OVP.

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If you follow the T1-OVP, the form is self-explanatory. But it does not calculate.

If you want a calculating version of the form, TaxCycle T1 Module has the form. The price is $475 plus tax. The pricing is at Pricing | TaxCycle - I will not provide information about their competitor’s products, so that is up to you to research.

If you want assistance, you will need to reach out to a tax professional. They will charge a fee.

If you want free advice, contact the CRA as they will be happy to help you for free.

You can ask a neighbour or someone on the street, but the quality of the answer is questionable.

Unfortunately, the majority of the people in this forum are those who are in the business of selling their advice.

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I had not made mandatory contributions to a PRPP or a group RRSP.

Can I use the T1-OVP-S to calculate?

If I used the T1-OVP-S to calculate, are the result the same as that of T1-OVP?

It seems that the chart from Jan to Dec in T1-OVP-S is the same of that chart from Jan to Dec in T1-OVP, isn’t it?

If yes, then I will copy the result from T1-OVP-S to T1-OVP.

Anyway, I will contact the CRA.