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View Full Version : Tax on over-contributions to resp


macw
Apr 26, 2007, 01:49 PM
If parents are separated/divorced and both are contributing to RESPs for child, mother stops contributing when contributions total maximum $42,000. But father continues to contribute 2,000 and 1,000 more, who is taxed the penalty for over-contributions?

AtlantaTaxExpert
Apr 27, 2007, 09:27 AM
Over-contributions are usually liable to a 6% excise tax each year until the over-contribution is withdrawn.