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RRSP Quiz/Review

A visually appealing infographic showing the benefits and workings of a Registered Retirement Savings Plan (RRSP), with elements like tax savings icons, a path to retirement, and financial growth symbols in a clean, educational design.

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

10 Questions2 MinutesCreated by PlanningTree532

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?

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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