CRA wins case against taxpayer who said he made honest mistake on RRSP
You may be the most honest taxpayer, with a perfect record of tax compliance, diligently filing each year’s tax return, on time, for decades, and never owing the Canada Revenue Agency (CRA) a cent. But all that counts for bubkes should you make “an honest error” when contributing to your registered retirement savings plan (RRSP), as one taxpayer recently found out. But before delving into the details of this latest case, let’s review the RRSP overcontribution rules and how to expediently remove any overcontribution.
