Is this you?
- I contributed early in the year
- I wasn't sure of my limit
- No warning appeared
"A small overage doesn't matter."
RRSP overcontributions are penalized at 1% per month until corrected.
Why guessing is risky
- Penalties accumulate monthly
- CRA does not auto-correct
- Late fixes increase cost
Safe to ignore if
- Contributions stayed within limits
- Excess was withdrawn promptly
Stop and check if
- Limits weren't confirmed
- Multiple contribution sources existed
Resolve the doubt
Check my RRSP penalty risk (2 minutes)We'll tell you if this needs reporting and what to do next.
"Most people catch overages before penalties snowball."