| newaccorddriver |
im just starting to put money away into my RRSP account from work. i basically contribute by the hour, so in the end of the year, im actually nowhere near what my contribution limit is.
anyways, if my contribution limit was 10k for this year, am i allowed to put in anything more then that, or is 10k the amount i can deduct from my total gross income? this is assuming that ive topped off all the previous years |
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| cupcake |
| I think if you put in more than your limit, you get taxed on it. So you can contribute more but it's not wise. That's the way someone had explained it to me. |
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| GOT BOOST |
quote:
Originally posted by newaccorddriver
im just starting to put money away into my RRSP account from work. i basically contribute by the hour, so in the end of the year, im actually nowhere near what my contribution limit is.
anyways, if my contribution limit was 10k for this year, am i allowed to put in anything more then that, or is 10k the amount i can deduct from my total gross income? this is assuming that ive topped off all the previous years
Yes, you can over contribute to your RRSP’s to a max of $2000.00 for the lifetime. Anythign above that you are peanilized at 1% per month untill you are back with in your limits.
This is assuming you have used up all previous years “unused” RRSP deduction amount, maximized your current RRSP. :D
Mike |
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