Reference no: EM133114826
Question - On January 1, 2019, Hyeyoung Lee had unused RRSP deduction room of $18,500. In addition, because she was unemployed in the two previous years, she had undeducted contributions of $14,700. She had no earned income for RRSP purposes in either 2017 or 2018. While she manages to live on accumulated savings during the year, she also has no 2019 earned income.
In 2020 she has several periods of part time employment and has earned income of $17,300. In addition, as the result of an incredible lucky streak at the blackjack tables in a Toronto Casino, she has accumulated winnings of over $100,000. In her excitement, on October 1, 2020, she makes a $20,000 contribution to her RRSP. As she had no income tax payable for the 2020 taxation year, she did not deduct any RRSP contributions in 2020.
In 2021, she finally finds full time employment, resulting in 2021 earned income of $45,000. She makes no further contributions in the year and claims her maximum RRSP deduction for 2021.
Required -
A. Determine Hyeyoung's maximum RRSP deduction for 2021.
B. Determine any penalty tax that will be charged for 2021 for excessive RRSP contributions.
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