In her RRSP, Jennifer holds $10,000 in GICS, $8,000 in shares of taxable, Canadian public corporations, $5,000 in commodity futures contracts, $15,000 in Canadian corporate bonds, $1,000 in gems and $4,000 in S. mutual funds. She was recently contacted by the Canada Revenue Agency and notified that some of her holdings are non-qualified RRSP investments. How much must Jennifer pay each month as a penalty until she disposes of her non-qualified investments?

Answer rating: 100% (QA)

To determine the penalty amount Jennifer must pay each month for holding nonqualified investments in ... View the full answer