Re: You likely will not be penalized if you will h...

Seniors and students

You have to include your unused contribution in your RRSP calculations for 2019.

You will not be penalized if you overcontributed by $2000 and you are 19 years or older.

This $2000 room is to allow you to increase your contribution limit for 2020 to cover the overcontribution in 2019, just make sure you don't over contribute again because this $2000 over-contribution is a one-time life pass from CRA.



If you have overcontributed more than $2000, then you will need to withdraw the excess amount, file form T3012A or a voluntary disclosure. Refer to these two links for more information:


I hope this was helpful


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