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RETIREMENT PLANNING RSP Over-contributions The amount you can contribute to your registered retirement savings plan (RSP) (or your spouse's or common-law partner's RSS) for a given tax year is determined
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RSP over-contributions refer to contributions made to a Registered Retirement Savings Plan (RSP) in excess of the allowable limit set by the government.
Individuals who have made contributions to their RSP that exceed the allowable limit set by the government are required to file RSP over-contributions.
To fill out RSP over-contributions, individuals need to calculate the amount of excess contributions made to their RSP, complete the appropriate forms provided by the tax authority, and submit the necessary documentation.
The purpose of RSP over-contributions is to ensure that individuals do not exceed the allowable contribution limits set by the government and to prevent potential tax penalties.
Individuals must report the total amount of excess contributions made to their RSP, any relevant tax deductions, and any penalties incurred due to the over-contributions.
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