knowledge topics
RRIF Attributes
KNOWLEDGE EXPECTED OF: Both CFP® Professionals and QAFPTM Professionals
- Define a Registered Retirement Income Fund.1
- Explain advantages and disadvantages associated with a Registered Retirement Income Fund.
- Explain how income earned in a Registered Retirement Income Fund is treated for tax purposes.2
- Define the parties to a Registered Retirement Income Fund.
- Annuitant
- Contributor
- Beneficiary
- Issuer/Provider
- Successor Annuitant
- Explain the role of each of the parties to a Registered Retirement Income Fund.
- Define the types of Registered Retirement Income Funds.
- A qualifying Registered Retirement Income Fund3
- A non-qualifying Registered Retirement Income Fund4
- Personal
- Spousal
- Explain how a Registered Retirement Income Fund is funded.5
- Identify qualified investments as prescribed by the Canada Revenue Agency that may be held in a Registered Retirement Income Fund.6
- Identify non-qualified investments as prescribed by the Canada Revenue Agency that may not be held in a Registered Retirement Income Fund.7
- Explain the tax that may be imposed by the Canada Revenue Agency when a Registered Retirement Investment Fund contains a non-qualified investment.8
- Identify prohibited investments as prescribed by the Canada Revenue Agency that may not be held in a Registered Retirement Investment Fund.9
- Explain the tax that may be imposed by the Canada Revenue Agency when a Registered Retirement Income Fund contains a prohibited investment.10
Glossary of Verbs (mouse over to see definition)
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a judgement through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally
Read more about the Taxonomy used in the FP-BoK
REFERENCES
- http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrif-ferr/menu-eng.html
- http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrif-ferr/menu-eng.html
- http://www.cra-arc.gc.ca/E/pub/tp/ic78-18r6/ic78-18r6-e.html
- http://www.cra-arc.gc.ca/E/pub/tp/ic78-18r6/ic78-18r6-e.html
- http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrif-ferr/menu-eng.html
- http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/glssry-eng.html#qualified
- http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/glssry-eng.html#nonqualified
- http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ntvdnc/nnqlfdnvst-eng.html
- http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/glssry-eng.html#prohibited
- http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ntvdnc/prhbtnvst-eng.html
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