A client of yours, while meeting discloses that they think they have over-contributed to their RRSP last year in September. Based on the information provided it would appear that they went over their $26,000 limit by $4,000 in additional contributions. Starting October 1st how much will your client have to pay in penalty tax monthly if they do not remove any over- contribution amount, and CRA was to levy the applicable penalty

Answer rating: 100% (QA)

The penalty tax for overcontributions to an RRSP is 1 per month on t... View the full answer