Severance Pay to RSP question
Looking for some clairification on a severance pay to RSP scenario that I can't seem to get a straight answer to.
Last year (2014) I contributed to my maximum RSP deduction limit (eg. $10K). On Feb 1/2015 I am expecting a severance allowance for my loss of employment. If I elect to move that allowance (say $10K) to my RSP, will this be considered an over contribution to my RSP and therefore be subject to fees??? Or if I move that allowance to my RSP and NOT claim it until next year, would I then be clear of any penalty fees?
Thanks in advance.