RRSP overcontribution - do I need to worry about this?

[meghan88]

I'm waiting until the last minute to ask this, but here goes:

I max out my RRSP contribution every year.  This past year, freakishly, I was paid 27 times instead of the usual 26 because I was paid on Dec 31 instead of Jan 1 (holiday).  Net-net, because of my RRSP employment contribution of about $520 on Dec 31, I ended up over-contributing for 2020 by that amount.

I know there's an over-contribution buffer of $2000 which I've also maxed out in previous years.

Do I need to worry about this?  Or do I just contribute $520 less in 2021?

Thanks for any insights in advance.

[Endersmom]

I did this 2 years ago and it was fine, I thought I might get a notice to pay a penalty for over contribution but nothing ever showed up. I think it's more of a concern when you over contribute by a lot and early in the year, what I read told me to withdraw the over contribution but that seemed only to be an issue if you had over contributed early in the calendar year. I would adjust your 2021 contribution to count the $520 and you should be fine.
This is just from my experience.

[meghan88]

Thank you!!  Fingers crossed.  Yes, I will decrease my 2021 contributions by that amount.

[Le North Dreamer]

I would not worry for 500 bucks. You are way below the lifetime 2k buffer so it should be fine.

I also over contributed 1k in 2020 but I have some HBP reimbursements to make so I'll simply tag the overcontribution as an additional HBP reimbursement.