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RRSP contributions
- You can overcontribute to your RRSP by up to $2,000 without being penalized. However, you cannot claim a deduction for the excess amount.
- If you overcontribute by more than $2,000, you are subject to a one per cent penalty tax for each month you are in excess of that. You have to complete a T1-OVP Individual Tax Return for RRSP Excess Contributions to calculate the amount of the overcontribution and penalty tax. This form must be filed, and the tax remitted, within 90 days from the end of the year (March 30, 2011 if there was an excess amount in the plan at the end of a month in 2010.)
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November 25, 2010
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- Beat the deadline: The deadline for making a contribution to a Registered Retirement Savings Plan (RRSP) that can be deducted on your 2010 tax return is March 1, 2011.
- Know your limit: The maximum annual dollar limit for RRSP contributions in 2010 is $22,000.
- Over the limit rules: Contributions up to $2,000 in excess of RRSP limits can be made without being subject to a penalty tax.
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November 23, 2010
