51. RRSP contribution room a) can be carried forward until age 71. b) is eliminated each year if it is not used, c) can be carried forward until age 65. dj can be used until age 75 as long as you have cared income. 35, Which is a key difference between RRSPs and TFSAs? a) TFSA withdrawals are taxed. bj RRSPs' contribution limit accumulates. c) TFSAs give tax deductions on contributions. d) RRSP withdrawals are taxed. 56. A term certain annuity a) can be purchased to provide an income for life. bj can be purchased to guarantee an income for a certain period of time. c) provides income during retirement if you are disabled, provided you are over age 65. d) is a financial contract created from RRSP assets that provides regular payments until a specified year. 57. The Home Buyers' Plan (HBP) and the Lifelong Learning Plan (LLP) a) both have maximum total withdrawals of $10,000. bj can only be used by Canadians who have lived in the country for 10 years since age 18. c) both allow individuals to make tax-free withdrawals from an RRSP, but these must be paid back. dj are selectively offered to individuals based on their age and income. 58. Which of the following is necessary for an English form will to be valid? a) It must be written in the testator's handwriting. b) It must be dated within ten years of death. c) It must be signed by the testator and two witnesses. d) The person writing the will must be over age 21 at the time the will is written. 59. In choosing a guardian for your children, you should a) ensure he or she is also prepared to be the custodian. by be sure to include this in the last letter of instruction. c) ensure that the person you select is willing to serve in this capacity. d) authorize this in a power of attorney. 60. The purpose of probate is to ensure a) the will is valid to and for orderly distribution of assets. b) payment of liabilities are prioritized accurately. c) provinces collect the requisite probate fees. d) fair jurisprudence of all financial matters. FACE1 125 - Introduction to Finance FINAL EXAM