TFSA
TFSA stand for...
What is Tax Free Savings Account?
DPSP stands for...
What is Deferred Profit Sharing Plan?
RRSP stands for...
What is Registered Retirement Savings Plan?
RTA/IAP stands for _______
Regular Tax Account/ Investment account Plan
EPSP stands for...
What is Employee Profit Sharing Plan?
Who contributes to a TFSA?
Who is employers and employeees?
Contributions enter ___-tax
What is Pre?
RSP limits are established by ___
What is the CRA?
Can RTA's/IAP's be transferred to outside Registered accounts?
Cannot be transferred to an outside RRSP or TFSA without prior approval from outside broker
_______ contribution.
What is Employer?
Withdrawals are ______ for a TFSA.
What is Tax Free?
If someone withdraws before retirement, there will be a ______ penalty in taxes.
What is Withholding?
Is RSP a registered or non registered plan?
What is registered?
True or False: IAP's & RTA's CANNOT be transferred into RRSP's or TFSA's
False
Is EPSP funds used to purchase shares pre or post-tax?
What is Post?
Capital Gains are _______.
Withdrawing will incur withholding taxes UNLESS it is transferred from another ____-_______ __________.
What is a Tax-Sheltered Account?
Will withdrawing from this account inccur withholding taxes if the cash is not transfered to another RSP?
What is True
Which two canadian Banks use RTA and IAP?
Bank of Noca Scotia (RTA) and CIBC (IAP)
For an interplan transfer of an ESPP, what kind(s) of accounts can you transfer to?
What is RRSP?
How to respond if a participant pushes back and wants us to explain the full tax implications which are out of our reach?
“In-depth tax questions, which are beyond my scope and liability, can be answered using the CRA’s website, our Tax Guide in your documents tab, or by consulting a tax-trained advisor.”
TRUE or FALSE - There is no contribution limit on a DPSP.
FALSE
Do RSP's have Legal limits on contributions?
What is Yes
Are these registered or non-registered?
What is non-registered?
Under what section on Solium can you Employee & Employer contributions for EPSP?
What is Plan Summary?