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How do I withdraw an RSP over-contribution from my TD Direct Investing RSP?

You have two options to withdraw an over-contribution from your TD Direct Investing Retirement Savings Plan (RSP).

Option 1:  Complete form T3012A to withdraw without withholding tax

To withdraw an over-contribution of funds without withholding tax, you can  apply to the Canada Revenue Agency (CRA) to have the amount declared a withdrawal of an excess contribution by completing form T3012A - Tax Deduction Waiver on the Refund of your Unused RRSP Contributions.

Step 1:  Complete Parts 1 and 2 of form T3012A, attach proof of the contribution, and submit to the CRA Tax Office.

Step 2:  After CRA provides their approval on Part 3 of the form, you must complete Part 4 on the form T3012A.

Step 3:  Provide a signed Letter of Direction with instructions to confirm where the proceeds should be sent to. Choose from any of the following options:

• To a TD Canada Trust bank account (as a deposit)
• To your home address (by cheque)
• To a bank account held at another Canadian financial institution (a void cheque is required for this deposit to be made)
• To a TD Direct Investing non-registered account

Step 4:  Submit the form T3012A approved by CRA and the Letter of Direction to TD Direct Investing using one of the following methods: 

1)  Submit at your local TD Canada Trust branch.

                            To set up an appointment at your convenience, you can  book online or  Contact Us.

                      2)  Mailing to:

  TD Waterhouse Canada Inc.
  Registered Plans Department
  77 Bloor Street West, 2nd Floor
  P.O Box 5999, Station F
  Toronto, Ontario
  M4Y 2T1

Option 2:  Complete an RSP withdrawal subject to withholding tax

You can withdraw the over-contribution before receiving approval from CRA to minimize the amount of 1% tax penalty per month to be charged by CRA. However, this will be treated as a regular RSP withdrawal, click on our page for more details.