Thanks. This part makes sense and what I initially thought but wasn't sure. I will just be safe and call CRA to ask and confirm this. I read a lot of places online that because the contribution duration is from March to February, that is your contribution room limit for that tax year since you need to report all your contribution whether or not you carry it forward. So it is the first 60 days that confused me in terms of how they consider overcontribution.
Edit: Essentially contribution and what you deduct for that tax year are 2 different things. If I contribute more than my contribution room for 2020 within the first 60 days of 2021, it is ok as long as I know it is under the lesser of 18% income limit for 2021's contribution room calc. Then I just make sure I don't deduct more than my contribution room limit for 2020.
PENIS MAN IS WRONG!
@
skandalouz_08
you seem to know your stuff. Care to help me on questions I have on how to do rental income on my taxes? May have a few questions... haha. I don't trust those tax preppers