My RRSP contribution limit was lowered part way through the year

In mid-March 2014, I maxed out my RRSP contribution based on the room on my 2013 notice of assessment. ($6000)

In December 2014, I received an RRSP deduction limit statement saying that my deduction limit was now reduced by roughly $3,500 to $2,500. The reduction is due to the buyback of past service for pension purposes being finalized which was initiated approximately 3.5 years prior.

Complicating this is that in October 2014, I purchased a home and used the Home Buyers Plan to withdraw $25,000 from my RRSP.

So... based on this reduction in my deduction limit due to a service buyback, I am left with a $3,500 over-contribution to my RRSP.

Can anyone advise whether I can use the $3,500 amount to apply against my HBP repayment in order to avoid a penalty? 

Thank you


I think that is a series of complex questions that should be asked of either an accountant or CRA to get the best advice.

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