I had $6300 contribution room for 2023 and accidentally contributed exactly 10k. However, $7800 was contributed in Jan and Feb 2024.
I've read mixed answers online as to whether or not this amount (or some of this amount) could be carried forward to deduct on 2024. I'm looking to determine my options to avoid the 1% penalty, which by my math would be 17 a month until the next tax year.
Yes, if you over-contribute to your RRSPs, the amounts will carry forward so you can claim them in a future year. But you would be liable for the 1% penalty as long as you are in an over-contributed state.
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