Over Contribution

You are allowed a cumulative and lifetime limit of $2,000 over the RRSP contribution allowed. Once you have exceeded that you will be charged a penalty of 1% per month on the over-contribution. Plan ahead for what you want to achieve.

If you are consulting an accountant then you need to consider your investments and capital gains in regards to your RRSP and other pension plans. Talk to your advisers. Consider what your business can be doing to protect you, the ongoing income from the business and your family's future needs.

Planning for what you want is always a better choice then letting life just happen. If you know where you want to be in the future then you know which path to take.