At the beginning of the current year, Mary Woo had zero unused RRSP deduction limit and no undeducted contributions. During the current year, Mary's RRSP deduction limit increased by $6,000 and on December 15 Mary contributed $7,000 to her RRSP. Which of the following statements best describes the consequences of Mary's RRSP contribution?

Question 21 options:

	There is no penalty for Mary as her RRSP contribution of $7,000 is only $1,000 more than her $6,000 RRSP deduction limit.
	Mary has made excess contributions to her RRSP and will be subject to a 1% per month penalty tax on the cumulative excess in her RRSP.
	Mary has made excess contributions to her RRSP of $1,000 and she must withdraw the excess contribution as soon as possible.
	The excess contribution of $1,000 will be included in Mary's income and taxed on withdrawal, even though an RRSP deduction for this amount was not taken.

RESPs and RDSPs can be used to ________.

Question 22 options:

	reduce tax when contributions are made by individuals with lower tax rates than the distributee
	reduce tax when distributions are received by individuals with lower tax rates then the contributor
	avoid tax with deductible contributions
	avoid tax with tax free distributions

An antique chair can be considered listed personal property.

Question 23 options:

	True
	False