RRSP Basics
At what age can you not contribute to your own RRSP?
71
What is the service charge if member lost their receipt and needs a duplicate?
$10
What is the withholding tax for up to $5000?
10%
What methods can members contribute to their RRSP?
1. Online
2. Advice Centre
3. Branch
March 1st 2023
What two factors determine who can contribute to an RRSP?
Age and Income
Who do you contact for further inquiries on an RRSP T2033?
Investment ops - Registers Transfers
What methods can a member withdrawal from their RRSP?
1. Advice Centre
2. Branch
If a member makes an online RRSP contribution on March 1st after 8pm will that be counted towards the 1st 60 days of 2023?
No, all contributions must be made before 8pm on the deadline date to be counted for the 1st 60 days
True or false:
Members don’t have to pay any tax on their interest earned within a RRSP plan.
True – RRSPs are tax sheltered
Up to how much does CDIC provide for deposit insurance on an RRSP?
$100,000
How much does CCS charge to transfer out your RRSP to another FI?
$55
How would a member need to be authenticated to withdrawal from their RRSP at the Advice Centre?
Who can contribute to a Spousal RRSP?
1. Spousal plan holder
2. Contributor (Spouse)
Can members have more than one RRSP plan opened?
Yes, they can have as many as they like as long as they stay within their contribution limits
True or False: Members can claim contributions within the first 60 days of the year on any other taxation year?
False – must be current or the immediately preceding taxation year
What tax receipts could a member get regarding an RRSP?
1. 1st 60 days
2. Contributions for the year
3. T4RSP
Would members get a tax receipt later on for making a withdrawal?
Yes – T4RSP
Who can withdrawal from a Spousal RRSP?
Only the annuitant (plan holder) can make withdrawals from a spousal plan as the spousal plan is held in their name as the owner of the funds.
What two types of beneficiary relationship can be designated?
1. Estate
2. Named Beneficiary
What 2 places can members find their deduction limits?
1. The Notice of Assessment from Canada Revenue Agency
2. CRA TIP line
Do we add notes in CRM if another FI is calling us to inquire about an RRSP transfer?
Yes and include all information gathered
When can a member withdrawal from an RRSP when withholding tax would not be taken?
1. First time home buyers withdrawals
2. Life-Long Learning Plan withdrawals
Who can give GIC instructions on a Spousal RRSP?
Only the Annuitant (Plan holder)
What happens if the signed document for opening an RRSP plan is not returned within 20 days?
The MBS will reverse all transactions and the contract and receipt will be NULL and VOID