Help Centre

What happens if my RRSP contribution exceeds the limit?

If you overcontribute to your RRSP by $2,000 or less, the Canada Revenue Agency will allow you to keep the money in your RRSP without penalty. However, this amount will not be deducted from your taxable income.

There is a 1% monthly penalty for overcontributions greater than $2,000, until the amount is withdrawn or your limit covers the excess contribution.

For more information, consult our page on maximum RRSP contributions.

Related questions

Dessin de bulles de conversation

Chat with our virtual assistant 

Ask a question for immediate answers to your questions, available 24/7