1. Briefly explain the differences and under what circumstances a RRIF, LIFs and Locked-in-RIF scan be used as a distribution option? (3 x 3 Marks each = 9 Marks)

2. How does Spousal-RRSP work? (3 marks)

3. Explain briefly the home buyers plan(HBP), if you were asked about it by a relative who wants to buy a house (3 Marks)

a. What happens if the funds are not repaid under the home buyers plan?