I did not check my RRSP contribution limit for 2024 (which is way lower than 2023) and I received a bonus from my employer bigger than expected that was directly deposited in my RRSP in December 2024.
Over-contribution is $16,000 and I just realized it now while filing for taxes.
What are my options?
Can I fix it by allocating this amount to my HBP repayment? I usually repays the minimum of $1,500. What is the down side of doing this?
Would I still need to pay a 1% penalty for December, Jan, Feb and March?
Thanks for your help!
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