Which of the following features of a Registered Retirement Savings Plan (RRSP) is not an advantage for the owner?

		Assets inside the account grow tax-free until withdrawal
		The opportunity to transfer all the assets in the account to a Registered Retirement Income Fund (RRIF)
		Potential withholding tax applicable if funds are withdrawn early
		All allowable contributions are tax-deductible

Which of the following products is an RRSP-qualified financial asset?

		Personal residential mortgage
		Precious stones
		Land
		Stock purchase options

In 2022, Pierre was 67 years of age and he decided to transfer his RRSP assets into a RRIF in June last year. When is he required to make his first withdrawal from his RRIF account?

		He should have made his first withdrawal before December 31, 2022
		He must make his first withdrawal before December 31, 2023
		He must make his first withdrawal in 2026 when he is 71 years of age
		He must make his first withdrawal in 2027 when he is 72 years of age

Amadeus started working for Smart Investments Inc. in April 2019 just after he graduated from GBC. He earned $40,000 for the remaining eight months of 2019 and $60,000 in 2020. Smart Investments matches his contributions of $2,000 in 2019 and $3,000 in 2020 into his defined contribution pension plan? How much money can Amadeus contribute to his RRSP in 2020? (Assume he has no unused contribution room from prior years).

		$0
		$3,200
		$5,200
		$7,200

Mr. Mendez earned income for the first time in 2019. At the end of the year, his unused RRSP deduction limit was $12,000. For the 2020 tax year, his new contribution room was $11,250. Mr. Mendez is also very careful and has not "over-contributed" to his RRSP so far. On July 2nd last year, he made a $30,000 contribution to his RRSP. But on December 2nd, he realized he had calculated wrong and had over-contributed for the year. Now Mr. Mendez is facing an over-contribution penalty and must remove funds from his RRSP. What is the total amount of the financial penalty that Shawn owes to Canada Revenue Agency due to his "excess" contribution?

		$190.00
		237.50
		$270.00
		$337.50