My client has undeducted premiums available to carry forward to next year. How does DT Max determine the excess overcontribution amount?The undeducted premiums available to carry forward to the following year are allocated in the following order:
First, premiums in respect of RRSP room are premiums which may be deducted in the following year by virtue of RRSP room from previous years available to carry forward, and new RRSP eligible (based on this year's earned income). Undeducted premiums remaining are subject to penalties and referred to as excess overcontributions. October 22, 1999 |