msgair
New Member

Can I over-contribute to my RRSP, if the over-contribution will be used for LLP repayment and not towards taxable income reduction?

Can I over-contribute to my RRSP, if the over-contribution will be used for LLP repayment and not towards taxable income reduction?  (i.e. if my RRSP contribution limit is $20,000, and I contribute $22,000, but designate $2000 from my contribution to LLP repayment - will this trigger a penalty tax?)