About This Calculator

This calculator estimates RRSP overcontribution penalties under current CRA rules: the 1% monthly tax on cumulative excess contributions, the $2,000 lifetime penalty-free buffer, the T1-OVP filing deadline (90 days after December 31 of the tax year), and the amount you would need to withdraw to bring your excess back within the buffer and stop further penalty accrual.

Existing resources for someone dealing with an overcontribution are frustrating. The options are walls of CRA legal text, buried government pages that require knowing exactly which form to look for, or paid tax services that charge for a basic estimate. This calculator gives an instant, plain-English estimate so people can understand their situation in seconds rather than hours.

The calculator is free to use. There is no signup, no email collection, and no premium tier. The site is supported by display advertising and affiliate partnerships, both of which are disclosed where they appear.