Individuals need to pay special attention to ensure that they are not overcontributing to their RRSP. In the event that an overcontribution occurs, individuals will be required to pay a monthly 1% fee on overcontributions. To avoid this, it may be a good idea to wait until you receive your T4 at the end of the year to see what your contribution room will be and then make a lump-sum contribution before the deadline at the end of the year. This way, you can take advantage of the tax benefits and not be at risk of overcontributing and facing penalties.