Question a) Accumulated income payments (from an RESP) paid to a subscriber: ...
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Accounting
Question a)
Accumulated income payments (from an RESP) paid to a subscriber:
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| is only taxable on transfers under $50,000. |
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| is received tax-free by the subscriber as RESP contributions are made with after-tax funds. |
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| is always subject to the 20 percent additional tax with no exceptions. |
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| allows the subscriber to transfer the amount to an RRSP if there is sufficient room. |
Question b)
Which of the following statements regarding the Tax Free Savings Account (TFSA) is NOT correct?
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| Any unused amounts not contributed in a year may be carried forward indefinitely to future years. |
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| Capital gains earned within TFSAs are not taxed |
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| The contributions are tax deductible up to a maximum of $10,000 per year for the 2015 year. |
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| Any Canadian resident individual over 17 years of age can establish a TFSA. |
Question c)
Both RRSPs and RESPs offer the advantage of having earnings compound on a tax-free basis.
| True | |
| False |
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