8 May 1991 External T.I. 9110905 F - Over-contribution to a Registered Retirement Savings Plan

By services, 18 January, 2022
Official title
Over-contribution to a Registered Retirement Savings Plan
Language
French
CRA tags
146(1)(c), 146(5)
Document number
Citation name
9110905
Severed letter type
Technical Interpretation - External
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
631892
Extra import data
{
"field_external_guid": [],
"field_proprietary_citation": [],
"field_release_date_new": "1991-05-08 08:00:00",
"field_tags": []
}
Main text

5-911090

Dear Sirs:

Re:  Over-contribution to a Registered Retirement Savings Plan ("RRSP")

This is in reply to your letter of April 19, 1991, wherein you ask if an individual may make an $8,000 over-contribution to his RRSP in the year that he turns 71 and deduct this contribution over a number of years.  It is to be noted that said over contribution applies to contributions made after 1990.

Provided the individual continues to have earned income as defined in paragraph 146(1)(c) of the Income Tax Act (the "Act"), it is our view that he will be entitled to deduct the post 1990 over-contribution to the extent permitted by subsection 146(5) of the Act in the years following the year of over-contribution.

The above comments are an expression of opinion only and as indicated in Information Circular 70-6R2, they are not binding upon the Department.  We trust however that they will be of assistance to you.

Yours truly,

for DirectorFinancial Industries, DivisionRulings Directorate