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NEW QUESTION # 199
Joanne's earned income last year was $45,000 and her pension adjustment was $2,500. She has $2,000 in carry-forward registered retirement savings plan (RRSP) room for the current taxation year. What is Joanne's maximum tax-deductible RRSP contribution amount for the current year?
Answer: D
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
The maximum tax-deductible RRSP contribution is calculated as 18% of the previous year's earned income, minus the pension adjustment, plus any carry-forward contribution room. In this case:
(18% ร $45,000) = $8,100
$8,100 - $2,500 (pension adjustment) + $2,000 (carry-forward) = $7,600.
The feedback from the document confirms:
"Joanne's tax-deductible RRSP contribution room would be calculated as (18% ร $45,000) - $2,500 + $2,000
= $7,600."
Reference:Chapter 6 - Tax and Retirement PlanningLearning Domain:The Know Your Client Communication Process
NEW QUESTION # 200
Which statement CORRECTLY describes index mutual funds and traditional exchange-traded funds (ETFs)?
Answer: D
Explanation:
Index mutual funds and traditional exchange-traded funds (ETFs) are both types of investment funds that use a passive investment management style, which means they try to track the performance of a specific market index, such as the S&P/TSX Composite Index or the S&P 500 Index. They do so by holding the same securities as the index or a representative sample of them, and by adjusting their portfolio composition and weighting to reflect any changes in the index. However, both types of funds may not be able to exactly replicate the return of the index for various reasons, such as fees, expenses, tracking error, rebalancing frequency, dividend reinvestment, and cash holdings. Therefore, there may be some deviation or difference between the fund's return and the index's return, which is called tracking difference.
1: Canadian Investment Funds Course, Chapter 4: Types of Investments1
NEW QUESTION # 201
Which organization regulates mutual and investment funds?
Answer: B
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Securities commissions are responsible for regulating mutual and investment funds in Canada. The feedback from the document confirms:
"The responsibility of regulating mutual funds lies with the securities commissions." Reference:Chapter 2 - Overview of the Canadian Financial MarketplaceLearning Domain:An Introduction to the Mutual Funds Marketplace
NEW QUESTION # 202
Sujay contributes 3% of his $60,000 salary to his employer's defined contribution pension plan. His employer contributes the same amount to the plan. How will this affect his registered retirement savings plan (RRSP) contribution room for the year?
Answer: B
Explanation:
D is correct because Sujay's registered retirement savings plan (RRSP) contribution room for the year will be reduced by $3,600. This is because his employer's defined contribution pension plan is considered a registered pension plan (RPP), which affects his RRSP contribution room through a pension adjustment (PA).
The PA is calculated as 18% of his earned income in the previous year minus his RPP contributions in the current year. In this case, Sujay's PA for the current year is $3,600, which is 18% of his $60,000 salary minus his 3% contribution ($1,800) and his employer's 3% contribution ($1,800). The PA reduces his RRSP contribution room for the next year by the same amount. It will have an effect on his RRSP contribution room (A), as it is not based on earned income only, but also on RPP contributions. It will not reduce his contribution room by $51,800 (B), as this is more than his earned income. It will not reduce his contribution room by $10,800 , as this is 18% of his earned income without subtracting his RPP contributions.
NEW QUESTION # 203
Lucas is 60 years old and continues to work. He presently is a plan holder of a registered retirement savings plan (RRSP). He is considering changing his RRSP to a registered retirement income fund (RRIF).
Which of the following statements is CORRECT?
Answer: D
Explanation:
A registered retirement income fund (RRIF) is a type of registered plan that provides a stream of income in retirement. A RRIF can be created by converting an RRSP, but once the conversion is done, the plan holder can no longer make contributions to the RRSP or the RRIF. Therefore, any unused RRSP contribution room is lost after the conversion. The other statements are incorrect because:
A). There is a minimum age to be an annuitant to a RRIF, which is 71 years old. However, a plan holder can convert an RRSP to a RRIF at any age before 71.
C). Minimum withdrawals are required to start in the year following the year the RRIF was established, not in the current calendar year.
D). Investments that qualify as an eligible investment for a RRIF are the same as for an RRSP, such as mutual funds, stocks, bonds, GICs, etc. References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 6: Registered Plans, Section 6.2: Registered Retirement Income Fund (RRIF), page 6-81 Registered Retirement Income Fund (RRIF) - Canada.ca2
NEW QUESTION # 204
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