A T1-OVP is a form where you report the contributions you made to your RRSP account, and disclose the deduction limit that you had. You are required to complete the T1-OVP when you contribute more than your deduction limit.
The T1-OVP shows you how much you will have to pay in tax.
The penalty for excess contributions in the RRSP is 1% of the difference between the deduction limit and the actual contribution, calculated per month.
If you have multiple employees, a large customer base, or a lot of vendors, then you should consider purchasing Simply Accounting or Quick Books. These programs are more robust than Wave Accounting.
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.