TX Set 6 Deferred Income Plans

Question 1

Penalty for over-contributions to RRSP

Answer 1

1% per month. $2k allowed without penalty.

Question 2

Can you contribute to spousal RRSP? consequences?

Answer 2

Yes, included in deductions for contributor (not spouse). No impact on spouse’s contribution room.

Question 3

When are RRSP’s terminated?

Answer 3

Age 71 - but holder can still deduct contributions to spousal RRSP’s assuming spouse is less than 71

Question 4

Do attribution rules apply on TFSA?

Answer 4

No

Question 5

Excess contributions to TFSA consequences

Answer 5

1% penalty per month