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Can I over contribute to RRSPs?

 
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Can I over contribute to RRSPs?

Yes, but it may not be a good idea. You can over-contribute up to $2000 without penalties. But you can’t claim any excess amounts as a deduction.

 

Also, if you are not careful and go over the $2000, you may be subject to a penalty of 1% per month for each month you are over the limit.

 

If you have TurboTax Live Assist & Review, here is how to talk to a Tax Expert: https://turbotax.community.intuit.ca/community/navigating-turbotax/help/i-m-using-turbotax-live-assi...