RESP(ect) tell me what it means to me
What is the lifetime maximum CESG one beneficiary can receive?
$7200
Starting August 1st - What is the monthly fee for RBC No Limit Banking Account and RBC Advantage Banking Accounts?
$12.95
In what year was the TFSA introduced?
2009
How much does a client need to contribute to receive Canada Learning Bond if eligible?
No contribution neccesary
When do we as Advisors add an IRP/FP referral to EMS?
A pat on the back if you said you would also add them to your pre-booked meeting.
What can the RESP funds be used for once the client provides a valid proof of enrollment?
Anything
What interest rate is earned on RBC High Interest eSavings Accounts currently? (promotions not included)
0.75%
LAPTOP CHANCE
-200 Points if anyone on the team has their laptop unlocked in front of them, shame on you.
+200 Points if Jeopardy has their full attention (without laptop), touché!
Who was the most recent actor to play James Bond?
Daniel Craig
What do you do when a client provides you with Power of Attorney for Personal Care?
Return it to the client.
What portion of the RESP withdrawals are taxable if any? AND, what are the limitations on withdrawals?
EAP is taxed in the name of the beneficiary and there is a maximum EAP withdrawal permitted for the first 13 weeks.
EAP limit is $8,000 in the first 13 weeks of enrollment in a qualifying educational program (full-time studies), and $4,000 in any 13-week period while enrolled in a specified educational program (part-time studies)
How does a client receive no annual/monthly fee for the first year if they open their first RBC Bank Cross Boarder Account?
Must open a new RBC Bank personal checking account and apply for an RBC Bank credit card on the same business day and both accounts must be opened in the name of the Eligible Personal Client.
When you withdraw funds from your TFSA, how is your contribution room affected moving forward?
It is added back at the start of the next calendar year
What is the Fixed Income / Cash exposure on RBC Select Growth Portfolio? (No more than 3.5% off)
23.4%
What happens to a joint Homeline Plan when one of the borrowers dies?
Homeline Plan will go to "Reduced By Payment"
What is the annual contribution limit per beneficiary?
There is no annual contribution limit for RESPs - subscribers may contribute any amount to an RESP in a given year, as long as the $50,000 lifetime contribution limit per beneficiary is not exceeded.
At what age does a client receive a Seniors Rebate? And what are the dollar amounts clients receive for:
- RBC VIP Banking account
- RBC Signature No Limit Banking account
- RBC Advantage Banking account
- RBC Day to Day Banking account
65 Years Old
- RBC VIP Banking account - $7.50
- RBC Signature No Limit Banking account - $4
- RBC Advantage Banking account - $4
- RBC Day to Day Banking account - $4
What is the TFSA contribution limit as of today for someone who was born in 1990 and has never contributed?
$102,000
If eligible, how much Canada Learning Bond can a beneficiary receive the first year and every year thereafter?
$500 is available in the first year followed by up to 15 annual entitlements of $100
What is the primary purpose of naming a spouse as Successor instead of Beneficiary in your TFSA?
The surviving spouse can transfer the proceeds to their own TFSA without affecting their own contribution room as Successor, otherwise the surviving spouse must complete Form RC240 with Canada Revenue Agency within 30 days of the transfer.
What happens to RBC Target Education Funds once it reaches it's target year?
The fund will be fully invested in units of RBC Canadian Money Market Fund.
Value Program - a client has and eligible RBC Bank Account and 3+ eligible product (Personal Credit Card, Personal Investment, and Residential Mortgage). How many Avion Points will they receive from their debit purchases?
1 point per $3 spent on debit
(up to 500 points/month)
What happens in the event that someone over contributes to their TFSA?
The CRA will assess a 1% penalty tax per month
What happens to the RDSP Grants and Bonds a client received if the beneficiary ceases to be eligible for the Disability Tax Credit
The government requires repayment of the Grants and Bonds paid in the last 10 years
How much is Probate Fees in Ontario for an estate valued over $50,000?
Over $50,000: 1.5% of the estate's value