RRSP

Question 1

RRSP (registered retirement savings plan)

Answer 1

-Taxable
-can contribute until age 71
-lowers tax bracket
-limit: 18% of last yrs income
-one time contribution of up to 2000$

Question 2

RRIF

Answer 2

NO yearly max withdrawal limit but min. yearly withdrawal
-cannot contribute to RRIF
-Client can transfer RRSP to RRIF when they’d like to receive payments

Question 3

built in feature of RRSP and group RRSP-
HBP (Home buyers plan)

Answer 3

First time home buyers can withdrawal 25000 TAX FREE from RRSP for their down payment

Question 4

LLP (life-long learning program)

Answer 4

client can withdrawal money from RRSP, TAX FREE for schooling

Question 5

RESP (registered education savings plan)

Answer 5

-can contribute till child is 18
-20% grant available from gov.
-max per child 7200$

Question 6

RDSP (Registered Disability savings plan)

Answer 6

-ONLY people who are PERMANENTLY disabled can contribute to this plan
-300% max. grant from gov.
- MUST have social insurance number