RRSP Overcontribution and carry-forward
I made a pretty amateur mistake with my RRSPs and based my contributions for 2012 off of 2012 income, not what I had previously.
As such, I have a pretty large overcontribution (much more than $2000). I can't seem to find anything on the CRA website regarding this - do I still get assessed the 1% penalty if I only deduct the allowable amount, and carry forward the rest?
Can I make big overcontributions and then max out in future years, with the remaining over contribution just carrying to the next year? I should probably hire an accountant, but I'm curious to learn how all this works for myself.
As such, I have a pretty large overcontribution (much more than $2000). I can't seem to find anything on the CRA website regarding this - do I still get assessed the 1% penalty if I only deduct the allowable amount, and carry forward the rest?
Can I make big overcontributions and then max out in future years, with the remaining over contribution just carrying to the next year? I should probably hire an accountant, but I'm curious to learn how all this works for myself.