Reference no: EM132737518
Question 1) With respect to Tax Free Savings Accounts (TFSAs), which of the following statements is correct?
Option 1: Contributions to the accounts can be returned tax free at any time.
Option 2: Earnings on assets in the accounts accumulate tax free.
Option 3: Withdrawals of accumulated account earnings will be subject to tax.
Question 2) With respect to RRSP contributions, which of the following statements is correct?
Option 1: Contributions made during the current year and within 30 days of the end of the current year, must be deducted in the current year.
Option 2: Contributions in excess of available deduction room cannot be deducted in the current year or in any subsequent year.
Option 3: There is no penalty for making contributions that are in excess of available deduction room.
Option 4: Contributions made during the current year can be deducted in any subsequent year.
Question 3) Which one of the following lists describes items that are all included in the determination of Earned Income for RRSP purposes?
Option 1: Author's royalties, net rental income or losses, and spousal support received/paid.
Option 2: Auto standby charge, salesperson's expenses, and resource royalties.
Option 3: Business income or losses, CPP retirement benefits, and research grants.
Option 4: Rental income or losses, salaries, and scholarships.
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