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New Member
posted Jan 30, 2021 12:00:32 PM

Can I over contribute to RRSPs?

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1 Replies
Moderator
Feb 8, 2021 2:57:01 PM

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.

 

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