RRSP's
What are the 3 eligibility requirements to contribute to a RRSP?
1. Anyone who has earned income
2. Has a SIN
3. and has filed a tax return
Does not have to be 18 yrs of age
At what age must you convert a RRSP to a RRIF?
What is by the end of the year you turn 71
This is the 2026 contribution limit?
$7000
This is the annual contribution limit per Individual
What is $8,000
Where can someone look to find their contribution limit for the next year?
What is their Notice of Assessment or contact CRA
True or False:
A member can have a RRSP's & RRIF's at the same time
What is True
When does a member start establishing TFSA contribution room?
What is the year they turn 18
True or False:
You can designate a beneficiary for a FHSA Plan
What is False: You can only designate a successor annuitant for a FHSA plan
Zaldy is looking to withdrawal $10,500 from his RRSP. What is the withholding tax?
What is 20% or $2,100
True or False:
The Age base for a RRIF contract can be based on the age of the annuitant or spouse/CLP?
Favour turned 18 in in 2022 - What is the total amount he could contribute today?
What is $33,500
2022 - $6,000
2023 - $6,500
2024 - $7,000
2025 - $7,000
2026 - $7,000
A first home buyer is someone who has not owned real estate in the last how many years?
What is 5 Years
True or False:
RRSP's can be used as collateral for a loan
What is False
Ruth is 71 yrs old and is looking to contribute to a RRIF - how much can she contribute?
What is nothing, you can not contribute funds to a RRIF
Mercy withdrew $25,000 from her TFSA to purchase a new vehicle - what is her withholding tax?
What is $0 - there is no withholding tax on a TFSA
True or false:
Spouses or common-law partners, who are eligible to open an FHSA, can not each contribute to their own FHSA and use the funds to buy the same home
What is False