Account Types

Account Types

RRSP/Spousal RRSP

RIF/Spousal RIF/PRIF

LIRA/LRSP/RLSP

LIF/RLIF/LRIF

TFSA

Registered

Open/JTWROS/JTIC

ITF/Formal Trust

Corporate Accounts

Estate Accounts

IPP

Non-Registered

Account Types

Definitions

Non-Registered

• An investment account that is not registered with the government

• Also referred to as an Open account

• earnings/income is taxable

Definitions

Registered

• An investment account that is registered with the government

• Earnings/income is tax-sheltered or tax-deferred

Non-Registered

​Individual Ownership

• must be 18 years of age to open

Non-Registered

Joint with Rights of Survivorship (JTWROS)

• Two or more individuals

• Assets held jointly

  • if one owner passes, the other maintains full ownership

Non-Registered

Joint Tenants In Common (JTIC)

• Registered to two individuals

• Assets are co-owned

  • if one passes, their assets are distributed based on their Will and the other continues with their share of the account

Non-Registered

Signing authority

• and (all to sign)

• and/or (anyone to sign)

​CI Knowledge Article:

2192

• Formal Trust Agreement

• Beneficiary takes ownership when outlined in the Trust Agreement

Formal Trust

• Informal Trust

• Beneficiary takes ownership when they are AOM

In Trust For (ITF)

Non-Registered

In Trust For (ITF)/Formal Trust

In Trust For (ITF)

Formal Trust

Trust Agreement

• Legal document outlining the rules that are to be applied for property held in trust for a beneficiary.

Ex Doc

37433545

Non-Registered

Corporate Account

​CI Application

​Corporate

Resolutions

AOI or equivalent

Corporate Accounts

Non-Registered

Estate Of...

• Opened for individuals who have passed

​Letters of

Administration

​Last Will and

Testament

​CI Application Form

Estate Of...

Handled by the Estate Team

Non-Registered

Individual Pension Plan (IPP)

• Open at CI however, registered with the Canada Revenue Agency (CRA)

Multiple Choice

What is another name for non-registered accounts?

• Non-RSP

• Closed

• Open

• Individual

Match

Match the following

• Individual

• JTWROS

• JTIC

One owner

Two or more owners

Two Owners

• One owner

• Two or more owners

• Two Owners

Multiple Choice

Which of the following is NOT a non-registered account at CI CAM?

• TFSA

• Corporate

• Estate Of...

• IPP

Registered

Tax-Free Savings Account

Tax-sheltered

• Income earned is not taxable

• Redemptions/withdrawals are not taxable

Tax-Free Savings Account

Tax-Free Savings Account

• Individual ownership

• Successor holder/beneficiary

• Annual contribution limit (2023: $6,500)

• Accumulative contribution room

• Spousal contributions

• Gifting letters

Open Ended

What is the difference between a successor holder and a beneficiary?

Registered

Registered Retirement Savings Plan

Tax-deferred

• Income earned is tax deferred

• Contributions are deducted from total annual income

• Withholding tax is applied upon redemption/withdrawal of money

Match

Match the following

• $0-$5000

• $5000.01-$15000

• $15000.01 +questionqq

10%/20% QC

20%/25%QC

30%/ 30%QC

• 10%/20% QC

• 20%/25%QC

• 30%/ 30%QC

Registered Retirement Savings Plan

Spousal RRSP

Spousal RRSP

• Spousal Contributor

  • income is split at retirement

  • reduces spouse's taxable income

Multiple Choice

RRSPs and Spousal RRSPs MUST be converted to their income equivalent by December 31st in which the client turns __

• 55

• 60

• 70

• 71

Multiple Choice

Are early rollovers permitted?

• Yes

• No

Open Ended

When transferring from an individual RRSP to a Spousal RRSP, what additional acknowledgement is required?

Registered

Retirement Income Fund

• Individual RIF and Spousal RIF

• Contributions are not permitted

• Minimum Annual Payment

Fill in the Blanks

Drag and Drop

The default MAP frequency is ​

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annual.

monthly.

quarterly.

semi-annually.

Drag and Drop

The MAP default fund allocation is ​

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proportionately.

equally.

FEL funds only.

DSC funds only.

Drag and Drop

The MAP default run date is ​

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​

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December.

January.

June.

July.

Drag and Drop

The MAP default amount is ​

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the minimum annual payment.

the maximum annual payment.

$1000

$5000

Registered

Prescribed RIF

• Provides income from RPP, LIF or LRIF

• SK and MB only

• No MAX

• Creditor protected

Registered Locked-In Plans

Locked In Retirement Account

​LRSP

(Federal)

​LIRA

(Provincial)

​RLSP

(After Federal

Unlocking)

LIRA/LRSP/RLSP

LIRA/LRSP/RLSP

• Funded from an Registered Pension Plan

• Abides by Federal or Provincial legislation depending on where it is registered

• Legislations cannot be merged

Multiple Choice

The legislation of a locked-in savings account is updated based on the legislation provided on the initial purchase cheque.

• True

• False

Multiple Choice

If the legislation is missing on the purchase cheque or back up, who should Resolutions call to obtain this information?

• The AOR

• The client

• The dealer on file

• The relinquishing institution

Fill in the Blanks

Multiple Choice

Can a locked-in savings plan be rolled over to the income equivalent before the client is 71?

• Yes

• No

• Depends on the legislation

Registered Locked-In Plans

​RLIF

(Federal 50% unlocking)

​LRIF

Locked-in RIF

LIF

LIF/LRIF/RLIF

LIF/LRIF/RLIF

• ​Locked-in equivalent of a RIF

• MIN/MAX

• Early rollover permitted depending on legislation

Fill in the Blanks

Multiple Choice

The maximum is calculation depends on the __

• Province

• Legislation

• Plan type

• Client's address

Multiple Choice

Locked-in income plans have a different AWD default than RIF accounts.

• True

• False

Questions/Comments?