Pietr Yakashenko turned 20 years of age on January 1, 2021, but he is not very good at math. He has always wanted to have a Tax-Free Savings Account but never had any money. But Pietr has a rich uncle who is going to give him the money to maximize Pietr's current contribution limit. Pietr told his uncle he was eligible to start contributing on his 17th birthday so he could deposit $23,500 into his account. His uncle happily agreed and gave Pietr the funds to deposit on January 2, 2021. On October 1, 2021, Pietr received notice from CRA that he had over-contributed into his new account. What did Pietr have to tell his uncle?

Answer rating: 100% (QA)

Pietr would need to inform his uncle that he had mistakenly provided incorrect information regarding ... View the full answer