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What is the total amount of the financial penalty

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Reference no: EM132893764

Shawn Mendez had 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. Shawn is also very careful and has not "over-contributed" to his RRSP. On July 2nd last year, Shawn 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 Shawn 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?

Reference no: EM132893764

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