Registered Jeopardy!

FHSA

100

What does FHSA stand for?

First Home Savings Account

200

When does contribution room start building?

When the first FHSA is opened

300

What is the tax benefit on interest earned in a FHSA?

Interest is tax-sheltered

400

When would withholding tax be applied?

On all non-qualifying withdrawals (whenever related withdrawals are NOT for a first home)

500

What can you do with the last remaining funds in a FHSA after the first home is bought?

Transfer to a RRSP tax-free

GIC

100

What does GIC stand for?

Guaranteed Investment Certificate

200

What is the risk level for a GIC investment?

Low-risk - the principal investment is guaranteed

300

True or False: GICs are revolving investments - members can contribute or withdraw at any time.

False - they are locked in

400

What amount of the principal investment is returned on a GIC?

100%

500

True or False: GICs have the option to be "index-linked" to the stock market.

True.

RRSP / RRIF

100

What does RRSP stand for?

Registered Retirement Savings Plan

200

When does contribution room start building?

When they turn 18

300

True or False: Contributions count as income the year they are contributed to an RRSP.

FALSE - they are tax-deductible. It only counts as income when it comes OUT of the RRSP.

400

What is a RRIF?

Registered Retirement Income Fund - used when a person is ready to use their saved RRSP money

500

When does an RRSP have to be converted to a RRIF?

The year the person turns 71

TFSA

100

What does TFSA stand for?

Tax Free Savings Account

200

What happens when someone overcontributes to their TFSA?

They will pay a tax on the excess amount.

300

True or False: Contributions are tax-deductible for income tax purposes.

FALSE - contributions and interest are generally tax-free, even when withdrawn, but contributions in to a TFSA are still declared as income on annual taxes.

400

When is contribution room added back after a withdrawal?

The year AFTER the withdrawal occurred

500

What is the contribution room for 2024?

$7000

Miscellaneous

100

What are the three main requirements to open a registered plan?

1) Resident of Canada

2) 18 years old

3) Have a valid SIN 

200

Name any two of three places members can get info on their contribution room.

1) Notice of Assessment (filing taxes)

2) CRA MyAccount (website)

3) Call the Tax Information Phone Service (TIPS)

300

If a member wants to open a new registered plan, who would you book the appointment with? 

DSR.

BONUS POINTS: WEALTH!

400

True or False: Limits and contribution room extend to ALL plans held at ANY financial institution.

True. 

500

Who are plan/accounts registered with?

Government of Canada (federal government)

Canada Revenue Agency