BCU Product Knowledge Quiz #4 assesses understanding of various savings and investment accounts, including their benefits, insurance coverage, and contribution limits. It's designed to enhance financial literacy and investment strategy skills.
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Tax Free Savings Account
Youth Savings
Your Savings
Your HISA
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Tax Free Savings Account
Youth Savings
Your Savings
Your HISA
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The have different contribution limits
They have different maturity limits (RRSP matures at age 71)
RRSP reduces your taxable income (TFSA does not)
RRSP will impact your eligabiltiy for government benefits (TFSA does not) such as child tax, old age security, and GIS
Amount withdrawn from TFSA is not added to your taxable income, but is with RRSP
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