1.Walter Waters decided he wanted to go on an expensive vacation cruise. But being a little short of liquid funds, Walter withdrew $18,000 from his RRSP to pay for the cruise. How much money does the Canada Revenue Agency require Walter's bank to withhold at source based on the amount Walter wants to withdraw? a $1,800 b $3,400 c $3,600 d $5,400

2.Regarding a Registered Retirement Income Fund (RRIF), which of the following statements is not true about how this type of retirement account works? a.The owner can accumulate additional retirement savings within the account as a result of investment earnings b.With low rates of return on assets in the account, withdrawals from the RRIF could erode the capital base of the account c.RRIFs provide the owner with a guaranteed level of income throughout their lives d. The owner is prevented from accumulating additional capital restricting new, regular, tax-deductible contributions