Withdraw the overcontribution. You can complete government form T3012A to remove the over-contribution without upfront withholding tax. Penalties on the over-contributed amount may still apply. Complete aSchedule 7. Designate the amount of contribution you want to carry forward to a subsequent tax ...
You can overcontribute, over your lifetime,$2,000 without penalty. If you overcontribute more than that you will pay a tax of 1% per month on the amount in excess of $2,000 until you withdraw the extra amount or gain enough additional RRSP contribution room to accommodate the surplus. C...
It's important to note that although the CRA doesn't penalize over-contributions under$2,000, this 'buffer' amount is not tax sheltered. RRSP contributions that exceed your contribution limit by more than $2,000 are subject to a penalty of 1% per month for each month that the contribution...