Bcu Product Knowledge Quiz #5

11 Questions | Total Attempts: 63

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Bcu Product Knowledge Quiz #5

This Quiz is based on the presentation Bergengren staff recieved in February from Rhonda (League Savings) about RRSPs and TFSAs.


Questions and Answers
  • 1. 
    Can both an RRSP and a TFSA roll to a spouse at death without any impact on the surviving spouse’s contribution room?
    • A. 

      Yes

    • B. 

      No

  • 2. 
    True or False: If the RRSP account holder has no spouse, they can select a beneficiary to receive their RRSPs without tax implications.
    • A. 

      True

    • B. 

      False

  • 3. 
    RRSP redemptions generate a ____requiring that funds be claimed as taxable income.
    • A. 

      T4A tax slip

    • B. 

      T4 tax slip

    • C. 

      T5 tax slip

    • D. 

      T4A (P) tax slip

  • 4. 
    Stocks can be held in an RRSP.
    • A. 

      True

    • B. 

      False

  • 5. 
    Investments held in a TFSA are beneficial to those who ________ (please select the best ending for this sentence).
    • A. 

      Need a tax deduction up front

    • B. 

      Have no retirement savings

    • C. 

      Have healthy pensions

    • D. 

      Have no taxable income

  • 6. 
    1. ___________ gives you a tax deduction up front. 2. __________has tax free redemptions.
    • A. 

      1. TFSA, 2. RRSP

    • B. 

      1. TFSA, 2. HISA

    • C. 

      1. RRSP, 2. TFSA

    • D. 

      1. HISA, 2. RRSP

  • 7. 
    A RRSP can be used as security on a loan.
    • A. 

      True

    • B. 

      False

  • 8. 
    Now each Canadian 18 and over to date will have acquired $_________ in contribution room in a TFSA.
    • A. 

      $30,000

    • B. 

      $5,000

    • C. 

      $29,000

    • D. 

      $31,000

  • 9. 
    Redemptions of a __________do not result in claw back of Old Age Pension or the (GIS)supplement.
    • A. 

      RRSP

    • B. 

      TSFA

  • 10. 
    The benefits of a RRSP can be missed if funds are redeemed during employment years.
    • A. 

      True

    • B. 

      False

  • 11. 
    Which of the following are true about contribution room for TSFA? (select all that apply) .
    • A. 

      Contribution room can be carried forward indefinitely

    • B. 

      Contributions generate a tax deduction.

    • C. 

      Re-depositing too soon could result in an over contribution.

    • D. 

      You can reclaim redemptions in future years.

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