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WorksheetsRRSP
Total questions: 37
Worksheet time: 18mins
How many types of RRSP Plans are there?
1
2
3
4
Name the different types of RRSP Plans
Individual, Spousal
Individual, Locked in
Home Buyer's Plan, Lifelong Learning Plan
Individual, Spousal, Locked in
What information can the contributor access?
Spousal plan account number
contribution date
contribution amount
Withdrawal Receipt
At what age do clients become ineligible to open an RRSP product?
Over the age of 72
Over the age of 71
Over the age of 70
Over the age of 61
What receipt is issued for RRSP withdrawals?
T2033
T5RSP
T4RSP
T2151
What are two RRSP withdrawals that are not taxed?
Marriage breakdown
Shortened life expectancy
Home Buyer's Plan & Lifelong Learning
Small amounts provision
T5s are issued for RRSP Accounts
True
False
We can open joint RRSP accounts
True
False
When opening a Spousal RRSP, both the Plan holder and Contributor should be validated
True
False
No Validation required, It's a trick question!!
The Spousal RRSP should be opened on the Contributor's CIF
True
False
Does it really matter?
$100.00 Minimum is required to open RRSP Savings
True
False
What is the deadline to contribute to RRSP for 2021?
February 28, 2022
March 1, 2022
March 2, 2022
February 29, 2022
What is the maximum amount that can be withdrawn for Home Buyer's Plan?
$25,000
$35,000
$50,000
Full amount in RRSP Account
How many years are allotted for repayment of amounts withdrawn for Homebuyers plan?
5 Years
25 Years
35 Years
15 Years
What is the maximum amount that can be withdrawn for Lifelong Learning?
$10,000.00 over 4 calendar years
$20,000.00 over 5 calendar years
$20,000.00 over 4 calendar years
$20,000.00 over 3 calendar years
How many years are allotted for repayment of amounts withdrawn for Lifelong Learning plan?
15 Years
10 Years
20 Years
5 Years
How can clients repay amounts withdrawn for Lifelong Learning or Home Buyer's Plan?
Regular RRSP contributions
Lump Sum Repayments to CRA
Regular RRSP contributions which must be designated as Lifelong Learning or Home Buyer's Plan repayments on their tax return
Your employer can deduct it from your pay cheque and reports it to CRA
What does the acronym GIC mean?
Guaranteed Interest Certificate
Guaranteed Investment Certificate
Goranty Investment Certeficate
Goal Investment Certificate
What is the minimum amount that can be invested on RGIC/GIC?
$200.00
$100.00
$150.00
$50.00
What is the maximum amount that can be invested on the GIC?
$999,999.00
No maximum limit
$50,000.00
$100,000.00
What is the maximum new amount that can be invested on the RGIC?
$100,000.00
18% of annual income
Can't exceed limit as shown on previous year's NOA
$50,000.00
Where can clients find contribution limits for RGIC?
Financial Institutions receiving an RRSP Transfer must initiate the Transfer request
True
False
: The Annual Percentage Yield (APY), is the rate the client receives when the interest earned each month is compounded with the principal (reinvested) instead of being paid out to another account.
True
False
RGICs will not automatically renew.
True
False
What is the maximum term that can be requested when a Laddered RGIC/GIC is purchased?
71
5
65
3
What is the minimum age that a client can purchase a GIC?
19
18
The age of majority in their home province/territory
16
What is the minimum age that a client can purchase the RGIC?
18
The age of majority in their home province/territory
19
16
What Requests are used to set up a Laddered RGIC for a client?
General Investigation-RSP
Open Registered Product and General Investigation-RSP Requests
Open Registered Product and RGIC Renewal Requests
Open Registered Product
What information must be given to the client after you have opened up RRSP Savings Account/RGIC?
The account number(s)
The account number(s) and the date and time opened in local time
The account number(s) and the application number
The account number(s) and the date and time opened in eastern time
If allowed what is the early redemption rate earned on RGICs/GICs?
The interest rate for the term of GIC
The client pays a 10% penalty to the bank for early redemption
0%
0.10%
When can we change maturity instructions for RGIC?
Within 20 days after the maturity date
Within 90 days before the maturity date
Within 90 days before the maturity date or 20 days after maturity
Anytime before maturity
If the RGIC matures how long after renewal are we able to make changes to the renewal?
Within 90 days
No changes allowed
Within 20 calendar days after the maturity date
The client can transfer funds online and close RGIC anytime
After an RRSP saving account is opened if it is not funded through the ATM, an internal account, or external FI within __________ days it will auto-close.
3 business days
120
30
4-7 business days
After the RGIC is opened if it is not funded through the ATM, an internal account, or external FI within __________ days it will auto-close.
365
7
120
30
RRSP Savings Account and RGICs that are opened for transfers-in will auto-close after _______ days if not funded.
120
180
7
30
Who is allowed to make withdrawals from the Spousal RRSP?
(a)
