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RRSP Contrtibution Limits
1998 Contribution Limits The simplest way to determine your contribution room is to look at the Revenue Canada “Notice of Assessment”. You are allowed to overcontribute to your RRSP by $2,000. You will not receive a deduction for this overcontribution until you have further unused contribution room. It will however continue to compound tax free in your RRSP. Should you contribute more than this $2,000 a penalty of 1% per month will be levied on the amount over $2,000. |
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