3. Denise can contribute up to 6% of her base salary to a company-sponsored registered retirement savings plan (Group RRSP), where her employer will match her contributions at a rate of 50%. Her base earnings for the year are $48,000 and her yearly bonus is $2,400. If Denise contributes the maximum allowed to her Group RRSP plan, what amount will represent total RRSP contributions on her T4 slip the following year?

Question 3 options:

$2,880

$3,024

$4,320

$4,536

4. Five years ago, Stanley made HBP withdrawals that totaled $18,000. This year, Stanley failed to make his regular minimum HBP repayment. He had never previously overpaid on any minimum required payment. What is the consequence of missing the HBP payment?

Question 4 options:

$1,800 is treated as taxable income to Stanley this year

$1,200 is treated as taxable income to Stanley this year

$17,600 is treated as taxable income this year

Nothing because Stanley may file an election to extend his repayment schedule by one year

6. Anwar, who is 33 years old, has returned to school full-time to acquire his masters degree at a qualified institution. He is attending school in Nova Scotia, but returns home to Manitoba frequently. Although Anwar saved a considerable sum before quitting his full-time job, the travel between school and his home province is more expensive than he had anticipated and Anwar is having financial difficulty. Anwar's parents have suggested that he access funds from his RRSP through the Lifelong Learning Plan (LLP) program to cover his travel costs between school and home. Identify the statement that is true concerning Anwars ability to access and use funds from his RRSP under this program.

Question 6 options:

Anwar cannot withdraw funds under the LLP because he is in a post graduate program

Funds withdrawn under the LLP could be used to cover Anwars travel expenses

If Anwar withdraws funds under the LLP, he must use them to cover expenses associated with tuition and book costs

Any funds that Anwar withdraws under the LLP must be used to cover educational or rental expenses only