What is over contributing in terms of RRSP’s?
In Canada, the Government allows you to defer upto 18% of your annual “Earned” income, through the use of Registered Tax Deferal Plans, These Plans are usually refered to as RRSP’s, Pension Plans and Defered Profit Savings Plans (if registered), as well as Specified and Provincial Pension Plans
Although unused Amounts are retained for future years, the penalties are sever if you contribute more than you are allowed.
