Matching
For each of the key terms listed, indicate the BEST definition of that term, or that none of the definitions apply.
Premises:
Money Purchase Plan
Lifelong Learning Plan
Pension Adjustment
Salary Deferral Arrangement
RRSP Deduction Room
Registered Retirement Income Fund
Unused RRSP Deduction Room
Defined Benefit Plan
Responses:
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.
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.
None of the definitions apply. (This answer can be used more than once.)
The cumulative total of all RRSP Deduction Limits, less amounts deducted in those years.
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 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 adjustment reported by employers which reflects, for an individual employee, the employee and employer contributions to RPPs and DPSPs for the previous year.
A trusteed plan to which a resident individual can make deductible contributions.
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.
Correct Answer:
Premises:
Responses:
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.
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.
None of the definitions apply. (This answer can be used more than once.)
The cumulative total of all RRSP Deduction Limits, less amounts deducted in those years.
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 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 adjustment reported by employers which reflects, for an individual employee, the employee and employer contributions to RPPs and DPSPs for the previous year.
A trusteed plan to which a resident individual can make deductible contributions.
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.
Premises:
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.
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.
None of the definitions apply. (This answer can be used more than once.)
The cumulative total of all RRSP Deduction Limits, less amounts deducted in those years.
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 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 adjustment reported by employers which reflects, for an individual employee, the employee and employer contributions to RPPs and DPSPs for the previous year.
A trusteed plan to which a resident individual can make deductible contributions.
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.
Responses:
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