RESP,RRSP,TFSA

What does RESP stand for?

• Registered Education Savings Plan

• Royal Education Savings Plan

• Regional Education Savings Plan

• Other

When Can the RESP fund be added until?

• 8

• 18

• 23

• 21

What is the CLB beneficiary for?

• Financial advice

• Extra Funds

• Better Chance at College

• Painting

What is the maximum amount the CLB can give you?

• $1800

• $2000

• $1900

• $1950

Can Funds in a RESP Account be split between siblings?

• Yes

• No

At what Age can a RRSP account be opened?

• 12

• 6

• 19

• 18

How much notice is needed to withdraw from RRSP account?

• 3 days

• 7 days

• 30 days

• 60 days

Until What age can you withhold from taking funds from the RRSP account?

• 81

• 71

• 12

• 72

To protect individual investors who may miscalculate their max contribution limits, investors are allowed to _____ 2,000 (lifetime max, not annual)?

• Overcontribute

• Under contribute

• Not Contribute

• Non of the above

Growth of money in RRSP is not subject to tax until it is

• withdrawn
• invested
• shared
• deposited