Quote:
Originally Posted by fotze
I've never understood the overcontribution thing. So if my limit this year is $15k, can I contribute $17k? Does the $2k still come off your income?
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Well with an over contribution things get murky. Basically if you realize that you over contributed you are going to want to withdraw the excess as soon as possible. You can make application to CRA in this case and have to explain why you over contributed and what you have done to rectify the issue. I haven't gone through that at all, but basically they may agree not to take taxes for that amount (at least that's my understanding of how this could operate) .
In other words you can contribute $15k in your scenario. You *might* be able to contribute the other $2k and get the corresponding tax break, but I couldn't comment on the probability of that working, and there is an over contribution penalty as well. Just donate more to charity or a political party if you need the tax break!