TFSA
What does TFSA stand for?
What is Tax Free Savings Account
What 3 things can a RRSP be used for?
Purchasing Your First Home, Education and Retirement
What is the main purpose of a FHSA?
What is purchasing your first home.
What does RESP stand for?
What is Registered Education Savings Plan
True or False: Anyone can open a RDSP.
False: You must be qualify for the disability tax credit
True of False: If you don't use your limit each year you lose it.
False: Your unused contribution limit carries forward each year
How much can you withdraw from RRSP as a First Time Home Buyer?
What is $60,000.
How much can you contribute to a FHSA each year?
What is $8,000 each year.
What is a RESP used for?
What is savings to pay for education.
At what age can you no longer contribute to a RDSP?
What is 60 years of age
True or False: You pay taxes on the interest earned in a TFSA.
False: Any interest or growth within a TFSA is non taxable
If you withdraw money from your RRSP for the Life Long Learning Plan, what are you able to use the funds for?
Your Education.
What is the lifetime limit you can contribute to the FHSA?
What is $40,000.
True or False: You can open a RESP for yourself.
True: You can open an individual plan for yourself
True or False: You have to put money into the RDSP to get any grants.
False: If you have a RDSP open you can still qualify for Canada Savings Bond Grant if you don't have money to save.
Where do you find your TFSA limit?
What is your Notice of Assessment
If you made $32,000 this year and you saved $2,000 in RRSP's. What would your taxable income be?
What is $30,000.
True or False: You must be a first time home buyer to open a FHSA.
True: You must be a first time home buyer
If you save $1,000 in a RESP, how much Canada Education Savings Grant will you receive?
What is $200
What is the maximum grant you can get each year?
What is $3,500 per year maxiumum
What is the penalty for over contributing to your TFSA?
What is 1% of the balance over limit each month you are over limit.
Over how many years do you have to pay back the RRSP if used on the Home Buyer Plan?
What is 15 years.
True or False: You must repay any withdraws from the FHSA.
False: Withdrawing from the FHSA does not need to be paid back.
What happens to your RESP if you don't go to post secondary school?
What is you take your savings out of the RESP and the grant goes back to the government
What is the maximum lifetime grant limit for both grants?
What is $90,000. $70,000 for the Canada Disability Savings Grant and $20,000 for the Canada Disability Savings Bond