The RRSP contribution deadline for the 2005 Taxation year is Wednesday March 1st 2006.

2005 REGISTERED RETIREMENT SAVINGS PLANS (RRSP’S)

The RRSP contribution deadline for the 2005 Taxation year is Wednesday March 1st 2006.

The RRSP contribution limit is equal to 18% of income in the previous year minus an individual’s pension adjustments, up to the annual limit. The maximum RRSP contribution limit for 2005 is $16,500 dollars.

You can carry forward unused RRSP contribution room indefinitely.

Penalty for excess RRSP contributions

The penalty for contributions beyond a over contribution of $2,000 is a 1% per month penalty starting at the end of the first month in which the limit is exceeded and payable no later than 90 days after the end of the year.