Knowledge
What does RRSP stand for?
Registered Retirement Savings Plan.
What is the contribution limit to RRSP?
You can only put less than 18% of your annual income or less than $30870 in your RRSP account. Whichever one is less.
What is RESP?
This type of Savings account is meant for post-secondary education.
What is TFSA and RESP?
Tax-free savings account
Registered Education Savings Plan
How much money can you overcontribute to your RRSP without getting penalized?
2000
What is the Home Buyers Plan?
This RRSP withdrawal plan is used for buying houses.
What age do I need to be to open a TFSA account?
18 years old
This type of RRSP plan only allows you to be able to withdraw $10 000 per year up to $20,000 for education. What is this plan?
Life Long Learners Plan
What is the benefit of having an individual RRSP?
This type of RRSP offers the most flexibility and ease of setup
What are the 2 requirement to set up an RRSP account?
Earn an income and file a tax return
What is the contribution limit to TFSA?
6500
How much money am I allowed to withdraw from the Home Buyers Plan when purchasing a house
35000
What are the three types of RRSP?
Spousal/Common-Law, Self-Directed, and Group RRSP
This type of RRSP is meant for 2 people but set up in the name of one. What is this type of RRSP?
Spousal RRSP
Name 2 benefits of RRSP.
Reduction in taxable income
Flexibility
Investment grows tax free
At time of withdrawal, income tax should be less
Lifelong Learners Plan
Home Buyers Plan