RRSP - 1
What is the deadline an individual can contribute to an RRSP for the 2025 taxation year?
March 2nd, 2026
What are 2 types of RRSP loans available to members?
RRSP top up loans and RRSP readvanceable loans
What is the minimum deposit amount for a 12 month Convertible RRSP term deposit?
$500
Which team provides discretionary investment management services to individuals?
SWM/VCIM
At what age and when do you need to transfer your RRSP to a RRIF?
No later than the end of the calendar year in which you turn 71.
If an individual wants to withdraw funds from an RRSP, what is the withholding tax?
10% up to $5000
20% over $5000 up to $15000
30% over $15000
What is the current interest rate for Vancity Re-advanceable RRSP loans?
Prime - .10%
If Cumis then Prime - .25%
What is the maximum number of days to defer the 1st RRSP Re-advanceable loan payment?
90 days
To transfer in a RRSP from another financial institution, Which form needs to be filled out?
T2033
What is the maximum length of term for re-advanceable loans?
14 months. WITH 90 DAY DEFERRAL
What is the tax penalty for an over contribution?
1% per month on the amount on excess of $2000
If a member wants to over-contribute, how much is the penalty free RRSP over-contribution limit?
$2000
What is the maximum withdrawal through the Home Buyers Plan?
$60,000.00
How long do you have to repay an RRSP withdrawal for the Home Buyers plan?
15 years
These term deposits offer Members the benefits of both a term deposit and securities: their principle is guaranteed, and returns are based on stock performance.
Planet Wise ILTD
What is an individuals maximum contribution limit for the 2025 taxation year?
Bonus 100 points - the amount for 2026?
18% of their previous years earned income up to a maximum of $32,490.
2026- $33,810
Individuals that have withdrawn from their RRSP under the Life Long Learning plan, how long do they have to pay it back?
10 years.
Which plan allows you to withdraw $10,000 per year up to a maximum of $20,000 over a 4 year period, from your RRSP to fund further education?
Life Long Learning Plan
What Criteria is needed for an individual to open an RRSP?
19 years of age or older up to 71
Has a valid SIN
Have reported earned income on a Canadian tax return
What document shows an individual’s available RRSP contribution room?
CRA Notice of Assessment
List 3 types of income that qualify as earned income?
• Salary, wages, bonuses and taxable benefits (minus union or professional dues and employment expenses claimed as deductions).
• Taxable wage loss replacement or long-term disability income resulting from employment
• Canada Pension Plan/Quebec Pension Plan disability benefits.
• Amounts received under the Wage Earner Protection Program Act.
• Net income from self-employment (minus current year business losses).
• Net rental income from real estate (minus current year rental losses).
• Taxable alimony or maintenance payments received.
• Royalties of an author or inventor.
• Net research grants.
• Income that is contributed to an Amateur Athlete Trust.
Setting up a Pre authorized fixed amount contribution to mutual fund RRSP will offer this benefit.
Dollar cost averaging -
fixed amount of money into a specific investment at regular intervals, regardless of the asset's price. This approach helps to build wealth over the long term by removing the stress and guesswork of trying to "time the market".
Avoid timing the market
Take emotion out of investing
Think longer-term
List 2 types of income that do not qualify as earned income?
•Interest
• Dividend
• Capital Gains
• EI Benefits
• Workers Compensation
• Welfare Benefits
Contributions to this plan will allow for income splitting in retirement.
Spousal plan
Which term has an interest rate that increases from year to year?
Escalator terms