RRSP Overcontribution Penalty Calculator
Separate unused contributions from deductible room and estimate the tax on the portion beyond the statutory cushion.
Estimated RRSP penalty tax
$3001% × 6 taxable months
Monthly taxable excess
$5,000$2,000 RRSP cushion applied
CRA return
T1-OVPConfirm the filing deadline and relief options
The 1% tax generally applies for every month in which an excess exists, including the contribution and removal months. This single-event estimate does not reconstruct multiple deposits, withdrawals or a CRA waiver.
What this estimate includes
Employer and spousal-plan contributions count when comparing unused contributions with your limit. The $2,000 amount is a cushion, not extra deductible room.
Official sources
Questions this calculator answers
What is the RRSP $2,000 cushion?
Eligible adults can generally have up to $2,000 of excess unused contributions without the 1% monthly tax, but that cushion is not deductible room.
Which return reports the tax?
Form T1-OVP calculates and reports the RRSP, PRPP and SPP excess-contribution tax.
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