You likely will not be penalized if you will have ...
TurboTaxKim
Moderator

Seniors and students

You likely will not be penalized if you will have enough available room in 2019 to deduct the excess contribution. 

You'll need to report the entire amount of your RRSP Contribution on your tax return, and TurboTax will automatically carry forward the amount in excess of your contribution limit to the following year. The Canada Revenue Agency allows you to overcontribute to your RRSP's one time in the amount of $2,000 without there being a penalty.  If you overcontributed in the First 60 Days, you still need to report the contribution on this year's tax return, you can claim the overcontribution on your income tax return next year. 

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