A young couple has come to you because they have heard about a product they can put money into and never pay tax on the funds. You have ruled out TFSA and have determined in your discussion that they are speaking of a Registered Retirement Savings Plan. You have some concern of the accuracy of their current level of knowledge, so you want to discuss this product with them in more detail. In your explanation of RRSPs, you want to address the contribution limit of % for this current taxation year. (DO NOT INCLUDE the % sign in your response. JUST THE NUMBER.) A Along with the percentage allowed for RRSP contributions, there is a maximum dollar threshold as well. Are the A clients allowed to use the greater or lesser of those two values? A The will provide the information the client would need to determine their current contribution limit. A You feel it is important to discuss the collapsing options with your clients. These options include taking it all in cash, purchasing a RRIF, buying an LIF, buying a (n) or a blend of these choices. A You also feel it would be valuable to discuss the over contribution rules and penalties. You inform the clients that they can contribute up to over their allowable limit. (DO NOT include dollar signs, commas or periods. JUST THE NUMBER.) A young couple has come to you because they have heard about a product they can put money into and never pay tax on the funds. You have ruled out TFSA and have determined in your discussion that they are speaking of a Registered Retirement Savings Plan. You have some concern of the accuracy of their current level of knowledge, so you want to discuss this product with them in more detail. In your explanation of RRSPs, you want to address the contribution limit of % for this current taxation year. (DO NOT INCLUDE the % sign in your response. JUST THE NUMBER.) A Along with the percentage allowed for RRSP contributions, there is a maximum dollar threshold as well. Are the A clients allowed to use the greater or lesser of those two values? A The will provide the information the client would need to determine their current contribution limit. A You feel it is important to discuss the collapsing options with your clients. These options include taking it all in cash, purchasing a RRIF, buying an LIF, buying a (n) or a blend of these choices. A You also feel it would be valuable to discuss the over contribution rules and penalties. You inform the clients that they can contribute up to over their allowable limit. (DO NOT include dollar signs, commas or periods. JUST THE NUMBER.)
