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E
eccountant
Level 2
March 8, 2021
Solved

RRSP Overcontribution during 1st 60 days of the year

  • March 8, 2021
  • 1 reply
  • 5 views

Hi All,

 

If for eg. the RRSP limit is $100K for 2020, but someone contributes $110K on Feb 2021, that person has over contributed by $10K but I read a lot of forums that as the person has contributed during the 1st 60 days of 2021 the person doesn't have to worry about the penalty tax of 1% over and above $2K because he can leave the $10K and not use to deduct his income and carry it forward and he doesn't have to go through the process of filing T1-OVP and withdrawing the funds by filing T3012A.

 

Your response is much appreciated.

 

This topic has been closed for replies.
Best answer by forjack

As long as that person's RRSP limit for 2021 is at least $8,000, I don't see any problem. If fact, it's smart to make an RRSP contribution as early as possible.

1 reply

F
forjackAnswer
Level 2
March 8, 2021

As long as that person's RRSP limit for 2021 is at least $8,000, I don't see any problem. If fact, it's smart to make an RRSP contribution as early as possible.

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