{"id":4919,"date":"2019-05-14T13:34:12","date_gmt":"2019-05-14T17:34:12","guid":{"rendered":"http:\/\/caissealliance.absoludev.ca\/?p=4919"},"modified":"2019-05-14T13:34:12","modified_gmt":"2019-05-14T17:34:12","slug":"excess-contributions-pay-off","status":"publish","type":"post","link":"https:\/\/www.caissealliance.com\/en\/personal\/rrsp\/excess-contributions-pay-off\/","title":{"rendered":"Excess contributions pay off"},"content":{"rendered":"

Once you\u2019ve topped up your RRSP, you\u2019re allowed to contribute another $2,000 without tax penalty, as long as you can deduct them in the future. Even though such a contribution would not be deductible from your current taxable income, it would be sheltered from income tax as it grew. See below for how $2,000 extra in your retirement portfolio appreciates over time.<\/p>\n

Value of a $2,000 excess RRSP contribution*<\/h2>\n\n\n\n\n\n\n
Period<\/td>\nAccumulated value<\/td>\n<\/tr>\n
After 10 years<\/td>\n\n

$3 754<\/p>\n<\/td>\n<\/tr>\n

After 20 years<\/td>\n\n

$7 047<\/p>\n<\/td>\n<\/tr>\n

After 30 years<\/td>\n\n

$13 229<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

After 30 years, if your spouse uses the same strategy, you could accumulate up to $26,450 more, and really enjoy your retirement!<\/p>\n

\n

* Calculation based on a diversified portfolio with an effective rate of 6.5% compounded annually.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Once you\u2019ve topped up your RRSP, you\u2019re allowed to contribute another $2,000 without tax penalty, as long as you can deduct them in the future. Even though such a contribution would not be deductible from your current taxable income, it would be sheltered from income tax as it grew. See below for how $2,000 extra […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[118],"tags":[],"class_list":["post-4919","post","type-post","status-publish","format-standard","hentry","category-rrsp"],"acf":[],"yoast_head":"\nExcess contributions pay off | Caisse Alliance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.caissealliance.com\/en\/personal\/rrsp\/excess-contributions-pay-off\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Excess contributions pay off | Caisse Alliance\" \/>\n<meta property=\"og:description\" content=\"Once you\u2019ve topped up your RRSP, you\u2019re allowed to contribute another $2,000 without tax penalty, as long as you can deduct them in the future. 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