Every year, Travis maximizes his registered retirement savings plan (RRSP) contributions. Near the end of last year, he realized that he had contributed $3,000 in excess of the contribution limit. He has never gone over the limit and is concerned about what will happen. What do you tell him? 

There will be no consequences due to the over contribution allowance 

He will be charged a penalty of $30 per month until he takes out the excess contributions.  

He may contribute $2,000 over the contribution limit each year without penalty. 

Part of his contribution will face a penalty even though it was an honest mistake

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