4)

Dina just started working for Telus and has become eligible to participate in their retirement

plan where she contributes 8% of her gross salary on the 1

st

of each month. Telus matches her

contributions dollar for dollar in this plan. The plan averages an annual return of 6% interest

compounded semi-monthly. Dina is 23 years old and plans to retire at age 60. What is the total

amount that she will have when she retires? Dina's gross annual salary is $84,000.

a)

$1,898,765

b)

$1,726,744

c)

$1,839,612

d)

$1,804,893

e)

$1,722,925

5)

It is July 1, 2020 and Brittany has been working for the last 3.5 years since she graduated from

Concordia's JMSB on December 31, 2016. She is a resident of Quebec and is looking to make

her first Registered Retirement Savings Plan (RRSP's) contribution (including a catch-up for past

years). Calculate the maximum contribution that she can claim as a deduction on her 2020

personal income tax return. (see Table D)

Brittany's annual gross salary:

2017: $75,000

2018: $85,000

2019: $96,000

2020: $110,000

a)

$17,280

b)

$19,800

c)

$65,880

d)

$56,800

e)

$46,080

6)

Net cashflows are determined by subtracting _________________.

a)

your insurance deductible from all sources of income.

b)

your fixed expenses from your total income.

c)

your variable expenses from net income.

d)

your expenses from your disposable (after-tax) income

e)

your personal tax credits from your after-tax income.

7)

Ajay and Ira are signing the real estate papers tomorrow on the purchase of their first home.

They both have Registered Retirement Saving Plans (RRSPs) and are looking to use the Home

Buyer's Plan (HBP) to make their down payment. As of today, July 1, 2020, the market value of

Ajay's RRSP is at $29,565 and Ira's is at $36,348, what is the maximum amount they can

currently withdraw from their respective RRSPs through the HBP for the total down payment

on their dream home? (see Table E)

a)

$64,565

b)

$57,455

c)

$70,000

d)

$65,913

e)

$50,000