RRSP Quiz/Review
Master Your RRSP Knowledge
Test your understanding of Registered Retirement Savings Plans (RRSPs) with this engaging quiz! Discover how much you really know about RRSP contributions, withdrawals, and tax implications.
Topics covered include:
- Contribution limits and eligibility
- Tax advantages of RRSPs
- Strategies for retirement savings
Pre-tax money is placed into an RRSP and grows tax-free until withdrawal, at which tim
True
False
Until what age can you contribute to this account?
55
74
65
71
You can withdrawal the money and transfer it to a RRIF (the income fund) as early as the age as 55?
True
False
The growth of RRSP investments is tax-deferred.
True
False
Withdrawls are taxed heavily
True
False
Select the Statement that is true:
Contribution room is limited based on how much income you earn
RRSP savings will not affect eligibility for federal benefits
A RRSP (Registered Retirement Savings Plan) is a:
Tax-sheltered
Pension fund
Financial Product
Financial Service
The minimum age for contributing to an RRSP is 18
True
False
Only 14% of people nearing retirement have a financial plan
True
False
The CRA sets the rules governing annual contribution limits, timing, and what assets are allowed
True
False
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