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Seniors and students
It was an overcontribution so it would be classed as such. You're allowed an extra $2,000 without penalty but the remaining overage will be subject to the 1% penalty.
You can withdraw the excess amount and apply for a waiver of the tax withheld or submit a form T746 to claim a deduction on next year's tax return to offset the withdrawal.
‎October 30, 2019
10:56 PM