TFSA
What does TFSA stand for?
What is Tax Free Savings Account
What 3 things can a RRSP be used for?
Purchasing Your First Home, Education and Retirement
How many members does CCS have?
600,000
True or False: Anyone can open a RDSP.
False: You must be qualify for the disability tax credit
True of False: If you don't use your limit each year you lose it.
False: Your unused contribution limit carries forward each year
If you put $25 a month into a savings account at 2%, approximately how much will you have in 2049?
$9,712. (approx 9,000-10,000)
What is one thing to consider when choosing where to bank?
1.Is it convenient for me?
2.Does the bank or credit union provide service in a way that feels accessible to me?
3.Does the bank or credit union have any welcome offers or rebates?
4.Does the bank or credit union offer a package that specifically meets my needs?
At what age can you no longer contribute to a RDSP?
What is 60 years of age
True or False: You pay taxes on the interest earned in a TFSA.
False: Any interest or growth within a TFSA is non taxable
What percentage of your income can you contribute to an RRSP?
18%
Who is the worst character in The Summer I Turned Pretty?
Make an argument.
True or False: You have to put money into the RDSP to get any grants.
False: If you have a RDSP open you can still qualify for Canada Savings Bond Grant if you don't have money to save.
Where do you find your TFSA limit?
What is your Notice of Assessment
If you made $32,000 this year and you saved $2,000 in RRSP's. What would your taxable income be?
What is $30,000.
Which account would you do your debit card transactions through?
Chequing
What is the maximum grant you can get each year?
What is $3,500 per year maxiumum
What is the penalty for over contributing to your TFSA?
What is 1% of the balance over limit each month you are over limit.
Name any one of the volunteers here today
Carolyn, Brenda, Laura, Christine
An account you would use to set aside money for an emergency.
A Savings account
What is the maximum lifetime grant limit for both grants?
What is $90,000. $70,000 for the Canada Disability Savings Grant and $20,000 for the Canada Disability Savings Bond