RRSP Test Yourself

I still meet people who don’t know what an RRSP is or how it works. No, an RRSP is not an investment. No, RRSPs don’t mean you pay double the tax. An NO, an RRSP is not something everyone should have. But maybe YOU should.

How many of these will you get right? Answer True or False.

The deadline for RRSP contributions for the 2015 tax year is March 1, 2016.
If you want to make a contribution for 2016, you must wait until after the 2015 deadline.
If you’re turning 71 in 2016, you must make your contribution before the end of the year.
People over the age of 71 do not have RRSP contribution room.
You must be over 18 to contribute to an RRSP.
There’s no point in making an RRSP contribution if you aren’t paying much tax.
You can contribute up to $24,930 for 2015 to an RRSP.
The best place to find your contribution limit for 2015 is on your 2014 Notice of Assessment.
If you go over the contribution limit, the tax man will let you claim the deduction the following year?
You need to have cash on hand to make an RRSP contribution.
If you don’t have the cash handy to contribute, borrowing always makes sense so you don’t miss out.
RRSP catch-up loans are a great way to put a whack of cash into an RRSP.

 

Answers tomorrow!