At the beginning of 2019, Bob Pilon has no Unused RRSP Deduction Room. In each of the years 2018 and 2019 he has earned income of $105,000. On August 1, 2019, he makes an $18,900 contribution to his RRSP. On April 1, 2020, he makes an additional contribution of $22,000. He does not make an RRSP deduction in either 2019 or 2020. He is not a member of an RPP or a DPSP. Determine any penalty that will be assessed to Mr. Pilon for excess contributions during either 2019 or 2020.

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The Answer of At the beginning of 2019, Bob Pilon has no Unused RRSP Deduction Room. In each of the years 2018 and 2019 he has earned income of $105,000. On August 1, 2019, he makes an $18,900 contribution to his RRSP. On April 1, 2020, he makes an additional contribution of $22,000. He does not make an RRSP deduction in either 2019 or 2020. He is not a member of an RPP or a DPSP. Determine any penalty that will be assessed to Mr. Pilon for excess contributions during either 2019 or 2020.

At the Beginning of 2019, Bob Pilon Has No Unused