Sound confusing? It can be, as evidenced by an inquiry I received this week. It seems the taxpayer contributed $53,981 to a spousal RRSP in November 2024, which was the amount of contribution room available to his wife per her 2023 notice of assessment. When the taxpayer’s accountant prepared his 2024 tax return last month, he was advised that the maximum amount he should have contributed for 2024, based on his own RRSP limit, was only $31,560 (the 2024 maximum). As a result, he was only able to claim an RRSP deduction of $31,560 on his 2024 return, with the excess ($53,981 minus $31,560) being an overcontribution of $22,421.
