Statistically, People who use an RRSP have saved up more money in comparison with people who have not True or False?
True
100
If you are starting a business, you should invest in an RRSP straight away so you don’t jeapordize your retirement according to Canada’s government? True or False
False
100
Individual RRSPS are when you manage your own portfolio. It is often very convenient and lets you tailor investments yourself? True or False?
False- That is called a Self Directed RRSP
100
Why are people able to retire early with RRSPs?
a) They are registered with the government so they are allowed early retirement
b) RRSP is enough to provide financial stability
c) They cannot retire early even with an RRSP
d) None of the above
b)
200
You must be at least 18 years of age to start a RRSP. True or False.
False
200
When did the government first introduce RRSPs?
1957
200
If you are using your RRSP to fund your personal property, you must follow the rules under the Ontario Property Act . True to False
False (National Housing Act)
200
What is a negative about Group RRSPs?
a)Range of investments limited
b)Brokers cannot be trusted for advice
C)The Canadian government does not allow Group RRSPs
d)a and b are correct
a)
200
Benefits of RRSPS are:
a) tax sheltered earnings until you take out money
b) ability for early retirement
c) withdrawing money all the time without tax additions
d) answers a and b
d)
300
Your wife is going to inherit a large sum of money from her parent, but she wants you to open up a spousal RRSP for her. Should you say yes or no
NO
300
RRSP have been popular since the beginning of when they were introduced
False
300
it is recommended that you have a self directed mortgage from your RRSP if you have at least __________________ saved up to maximize benefits
50 0000
300
What are the types of RRSPs? List all 4
Individual
Group
Self directed
Spousal
300
There is a choice for you to have automatic deductions to contribute for your RRSP account. True or False?