Towards the end of the year is a good time to review your RRSP “contribution room.” You should review your most recent Canada Revenue Agency (CRA) Notice of Assessment not later than December 31st of each year. You can confirm your RRSP deduction limits and compare it to how much you have contributed to make sure you haven’t over contributed in the year. If you have overcontributed to your RRSP, take steps immediately to withdraw any excess amounts, or you could end up paying penalties and interest to the CRA.

Visit the Canada Revenue Agency’s website or call their tax inquiry service at 1-800-959-8281 to answer your questions about overcontributing to your RRSP.

Still have Questions? Call Canada Life’s Group RRSP number at 1-800-724-3402 and when calling, you’ll be asked for your group policy number, GE11257.