Hi All,
If for eg. the RRSP limit is $100K for 2020, but someone contributes $110K on Feb 2021, that person has over contributed by $10K but I read a lot of forums that as the person has contributed during the 1st 60 days of 2021 the person doesn't have to worry about the penalty tax of 1% over and above $2K because he can leave the $10K and not use to deduct his income and carry it forward and he doesn't have to go through the process of filing T1-OVP and withdrawing the funds by filing T3012A.
Your response is much appreciated.
