Robert D. Petroff Professional Corporation Blog
We are pleased to provide a variety of resources on accounting, taxation and other related subjects that we hope will be helpful to both individuals and businesses.
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 against 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 the $2,000 is subject to penalties by Canada Revenue Agency (CRA) of 1% per month.
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