TN CPA Professional Blog
The TN CPA Team is your source for the latest Canadian tax news and updates on changing tax laws.
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What happens if I over-contribute to my Registered Retirement Savings Plan (RRSP)?
Contributions to an RRSP from January 1, 2017, to the first 60 days of 2017 can be deducted from your 2016 income. You must declare your total contributions. The maximum that is tax deductible is your contribution limit per your notice of assessment. Any unused RRSP contribution in excess of $2,000 is subject to penalties by the Canada Revenue Agency (CRA) of 1% per month.
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