If you determine that you have to pay this 1% tax, you have to file your completed T1-OVP return and pay the tax no later than 90 days after the end of the year in which you had the excess contributions.
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, 2014, that you did not and will not deduct on line 208 on your 2014 or prior year income tax and benefit return.
A gift was made to your RRSP from January 1, 1991, to December 31, 2014.
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 2014 T1-OVP.
Step 4: The total of unused RRSP/PRPP deduction limit is less than RRSP deduction limit
Are your unused RRSP/PRPP contributions (including gifts) made from January 1, 1991 to December 31, 2014, less than the total of your 2014 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 2014 T1-OVP.