TFSA
Who can open a TFSA?
Anyone in Canada with a SIN number over the age of 18
60 Days- This year Feb 29th Typically March 1st
If I have a Personal Line of Credit with a $10,000 balance, what is my monthly payment?
2% or $200
What is the Capital of Canada?
Ottawa
When do you pay tax on a withdrawal from your Tax Free Savings Account?
You do not pay tax
At what age does an RRSP automatically convert to a RRIF?
71
What is the biggest difference between a line of credit and a loan?
It is revolving and allows continuous access to funds where as a loan is installment and does not offer revolving access but rather a lump sump amount.
What is a Prime Number?
A Number that can only be divided by itself and 1
Joe and Mary would like to open a TFSA, can they open the TFSA jointly?
NO- TFSA's cannot be joint
Do you pay tax on the growth of your investments when held under the RRSP?
Yes
Can a line of credit be joint?
Yes absolutely
Who was the very first American Idol Winner?
Kelly Clarkson
What is the annual contribution limit for 2024?
$7000
If i made a withdrawal for $4000 from my RRSP, how much is deposited to my bank account?
$3600 - 10% is retained for Withholding Tax
Explain 3 Features of a Homeowner Line of Credit
Revolving
Secured Against the house
1% payment or interest only
Lower Rate Prime +1%
Who was the last Canadian NHL team to win the Stanley Cup?
Montreal Canadiens
Name Three types of Investments you can hold within a TFSA
If I made a contribution to my RRSP for this year, can I make another? What is the max amount can i contribute?
Yes you can make as many contributions as you would like as long as it is within my allowable maximum, the maximum is typically 18% of previous year income but it is to be determined by member.
Explain 3 features of a student line of credit?
Interest only while on School plus one year grace period
Typically Cosigned
Unsecured
Revolving Continuous Access until Repayment
Nori is which type of Sushi Ingredient/food?
Seaweed