Mr. Mendez earned income for the first time in 2019. At the end of the year, his unused RRSP deduction limit was $12,000. For the 2020 tax year, his new contribution room was $11,250. Mr. Mendez is also very careful and has not "over-contributed" to his RRSP so far. On July 2nd last year, he made a $30,000 contribution to his RRSP. But on December 2nd, he realized he had calculated wrong and had over-contributed for the year. Now Mr. Mendez is facing an over-contribution penalty and must remove funds from his RRSP. What is the total amount of the financial penalty that Shawn owes to Canada Revenue Agency due to his "excess" contribution? $190.00 237.50 $270.00 $337.50
Mr. Mendez earned income for the first time in 2019. At the end of the year, his unused RRSP deduction limit was $12,000. For the 2020 tax year, his new contribution room was $11,250. Mr. Mendez is also very careful and has not "over-contributed" to his RRSP so far. On July 2nd last year, he made a $30,000 contribution to his RRSP. But on December 2nd, he realized he had calculated wrong and had over-contributed for the year. Now Mr. Mendez is facing an over-contribution penalty and must remove funds from his RRSP. What is the total amount of the financial penalty that Shawn owes to Canada Revenue Agency due to his "excess" contribution? $190.00 237.50 $270.00 $337.50
Chapter5: Deductions For And From Agi
Section: Chapter Questions
Problem 3P: Karen, 28 years old and a single taxpayer, has a salary of $33,000 and rental income of $33,000 for...
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Mr. Mendez earned income for the first time in 2019. At the end of the year, his unused RRSP deduction limit was $12,000. For the 2020 tax year, his new contribution room was $11,250. Mr. Mendez is also very careful and has not "over-contributed" to his RRSP so far. On July 2nd last year, he made a $30,000 contribution to his RRSP. But on December 2nd, he realized he had calculated wrong and had over-contributed for the year. Now Mr. Mendez is facing an over-contribution penalty and must remove funds from his RRSP. What is the total amount of the financial penalty that Shawn owes to Canada Revenue Agency due to his "excess" contribution?
$190.00
237.50
$270.00
$337.50
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ISBN:
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Author:
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