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RRSP: Registered Retirement Savings Plan

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RRSP: Registered Retirement Savings Plan

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Questions and Answers

What is the main difference between GIC and a savings account?

GICs have a fixed term and money is guaranteed, while savings accounts are designed for saving money that you don't plan to spend right away (correct)

GICs are tax free, while savings accounts have a lower interest rate

GICs can be used for education purposes, while savings accounts are low risk and low reward investments

GICs have a government match for a certain amount of money, while savings accounts are for emergency funds

What is the key feature of a TFSA (Tax Free Savings Account)?

It is low risk but also low reward type investment

It has a fixed term and guaranteed money

It offers a government match for a certain amount of money saved

It is tax free when you withdraw money, and can be used for education purposes (correct)

What distinguishes RESP from other investment options?

It has a fixed term with guaranteed money

It is a type of bank account for saving money without immediate spending plans

It offers low risk and low reward type investment

It is designed for a child's post-secondary education and the government matches a certain amount of money (correct)

Why is it important to have an emergency fund as mentioned in the text?

To have funds available for unexpected expenses without having to touch other investments Signup and view all the answers

What happens if you withdraw money from an RRSP before the age of 65?

There will be penalties for early withdrawal Signup and view all the answers

What is the main advantage of contributing to an RRSP?

It reduces taxable income Signup and view all the answers

What is a characteristic of mutual funds?

They allow pooling money to buy stocks, bonds, and other investments Signup and view all the answers

What is the main feature of owning stocks in a company?

Potential for high rewards with high risk Signup and view all the answers

What distinguishes bonds from stocks in terms of risk?

Bonds are generally lower risk compared to stocks Signup and view all the answers

What is a consequence of not withdrawing money from an RRSP after the age of 65?

The bank will charge a fee for not withdrawing Signup and view all the answers