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New Member
posted Oct 30, 2019 6:31:28 PM

Hello, I over contributed to my RRSP account with my financial institution. I have not claimed this money on any taxes yet. What do I do to avoid a fine? taxes are late

I over contributed to my registered account for my 2017 taxes by mistake by about $7300. I have not filed my taxes yet. I am well over the 90 rule.

Since I have technical not filed my taxes yet, can just use the $7300 in the RRSP account and claim the 7300 dollars next  tax year?

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1 Replies
New Member
Oct 30, 2019 6:31:29 PM

No you cannot. You will be penalized 1% interest per month on the over contribution. You should speak to your financial institution on how to remove the excess contribution asap.