Matching
For each of the key terms listed, indicate the BEST definition of that term, or that none of the definitions apply.
Premises:
Salary Deferral Arrangement
Pension Adjustment
Unused RRSP Deduction Room
Lifelong Learning Plan
Registered Retirement Income Fund
Money Purchase Plan
RRSP Deduction Room
Defined Benefit Plan
Responses:
The cumulative total of all RRSP Deduction Limits, less amounts deducted in those years.
A provision that allows individuals to make temporary, non-taxable withdrawals from their RRSP when they are enrolled in a qualifying education program at a qualifying educational institution.
A trusteed plan to which a resident individual can make deductible contributions.
A retirement savings plan in which the plan sponsor (usually an employer.promises a known or determinable retirement benefit and assumes financial responsibility for providing that benefit
A provision that allows individuals to make permanent non-taxable withdrawals from their RRSP when they are enrolled in a qualifying education program at a qualifying educational institution.
A retirement savings plan in which the plan sponsor (employer or individual.makes known or determinable contributions. The retirement benefit is based on a formula which is tied to the individual's historical earnings record.
A trusteed plan to which a resident individual can transfer balances from retirement savings plans on a tax free basis.
A retirement savings plan sponsored by an employer, to which the employer will make contributions which are not taxable to the employee, and the employee may make contributions which are deductible.
The excess of the RRSP Deduction Limit, over the amount of RRSP contributions that have been deducted.
None of the definitions apply. (This answer can be used more than once.)
An adjustment reported by employers which reflects, for an individual employee, the employer's contributions to RPPs and DPSPs for the previous year.
A retirement savings plan in which the plan sponsor (employer or Individual.makes known or determinable contributions. The retirement benefit is based on the accumulated contributions and earnings on investments within the plan.
An arrangement, whether funded or not, under which an individual who has the right to receive compensation postpones the receipt of that compensation, and it is reasonable to assume that one of the main purposes of this postponement was to defer the payment of taxes.
The amount that is the sum of the unused RRSP deduction room at the end of the preceding year, plus the amount by which the lesser of the RRSP Dollar Limit and 18 percent of earned income for the preceding year exceeds the Pension Adjustment for the preceding year.
Correct Answer:
Premises:
Responses:
The cumulative total of all RRSP Deduction Limits, less amounts deducted in those years.
A provision that allows individuals to make temporary, non-taxable withdrawals from their RRSP when they are enrolled in a qualifying education program at a qualifying educational institution.
A trusteed plan to which a resident individual can make deductible contributions.
A retirement savings plan in which the plan sponsor (usually an employer.promises a known or determinable retirement benefit and assumes financial responsibility for providing that benefit
A provision that allows individuals to make permanent non-taxable withdrawals from their RRSP when they are enrolled in a qualifying education program at a qualifying educational institution.
A retirement savings plan in which the plan sponsor (employer or individual.makes known or determinable contributions. The retirement benefit is based on a formula which is tied to the individual's historical earnings record.
A trusteed plan to which a resident individual can transfer balances from retirement savings plans on a tax free basis.
A retirement savings plan sponsored by an employer, to which the employer will make contributions which are not taxable to the employee, and the employee may make contributions which are deductible.
The excess of the RRSP Deduction Limit, over the amount of RRSP contributions that have been deducted.
None of the definitions apply. (This answer can be used more than once.)
An adjustment reported by employers which reflects, for an individual employee, the employer's contributions to RPPs and DPSPs for the previous year.
A retirement savings plan in which the plan sponsor (employer or Individual.makes known or determinable contributions. The retirement benefit is based on the accumulated contributions and earnings on investments within the plan.
An arrangement, whether funded or not, under which an individual who has the right to receive compensation postpones the receipt of that compensation, and it is reasonable to assume that one of the main purposes of this postponement was to defer the payment of taxes.
The amount that is the sum of the unused RRSP deduction room at the end of the preceding year, plus the amount by which the lesser of the RRSP Dollar Limit and 18 percent of earned income for the preceding year exceeds the Pension Adjustment for the preceding year.
Premises:
The cumulative total of all RRSP Deduction Limits, less amounts deducted in those years.
A provision that allows individuals to make temporary, non-taxable withdrawals from their RRSP when they are enrolled in a qualifying education program at a qualifying educational institution.
A trusteed plan to which a resident individual can make deductible contributions.
A retirement savings plan in which the plan sponsor (usually an employer.promises a known or determinable retirement benefit and assumes financial responsibility for providing that benefit
A provision that allows individuals to make permanent non-taxable withdrawals from their RRSP when they are enrolled in a qualifying education program at a qualifying educational institution.
A retirement savings plan in which the plan sponsor (employer or individual.makes known or determinable contributions. The retirement benefit is based on a formula which is tied to the individual's historical earnings record.
A trusteed plan to which a resident individual can transfer balances from retirement savings plans on a tax free basis.
A retirement savings plan sponsored by an employer, to which the employer will make contributions which are not taxable to the employee, and the employee may make contributions which are deductible.
The excess of the RRSP Deduction Limit, over the amount of RRSP contributions that have been deducted.
None of the definitions apply. (This answer can be used more than once.)
An adjustment reported by employers which reflects, for an individual employee, the employer's contributions to RPPs and DPSPs for the previous year.
A retirement savings plan in which the plan sponsor (employer or Individual.makes known or determinable contributions. The retirement benefit is based on the accumulated contributions and earnings on investments within the plan.
An arrangement, whether funded or not, under which an individual who has the right to receive compensation postpones the receipt of that compensation, and it is reasonable to assume that one of the main purposes of this postponement was to defer the payment of taxes.
The amount that is the sum of the unused RRSP deduction room at the end of the preceding year, plus the amount by which the lesser of the RRSP Dollar Limit and 18 percent of earned income for the preceding year exceeds the Pension Adjustment for the preceding year.
Responses:
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