RRSP Contrtibution Limits
|1998 Contribution Limits
The simplest way to determine your contribution room is to look at the Revenue Canada “Notice of Assessment”.
You are allowed to overcontribute to your RRSP by $2,000. You will not receive a deduction for this overcontribution until you have further unused contribution room. It will however continue to compound tax free in your RRSP. Should you contribute more than this $2,000 a penalty of 1% per month will be levied on the amount over $2,000.
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