knowledge topics
RRSP Attributes
KNOWLEDGE EXPECTED OF: Both CFP® Professionals and QAFPTM Professionals
- Define Registered Retirement Savings Plan (RRSP).1
- Define types of Registered Retirement Savings Plans.
- Personal
- Spousal or common-law partner
- Group
- Explain advantages and disadvantages of Registered Retirement Savings Plans.
- Explain how income earned in a Registered Retirement Savings Plan is treated for tax purposes.2
- Explain for whom a Registered Retirement Savings Plans may be suitable.
- Personal
- Spousal
- Define parties to a Registered Retirement Savings Plan, such as:
- Annuitant
- Contributor
- Beneficiary
- Issuer/Provider
- Explain the role of each of the parties to a Registered Retirement Savings Plan.
- Identify qualified investments as prescribed by the Canada Revenue Agency that may be held in a Registered Retirement Savings Plan.3
- Identify prohibited investments as prescribed by the Canada Revenue Agency that may not be held in a Registered Retirement Savings Plan.4
- Explain the tax that may be imposed by the Canada Revenue Agency when a Registered Retirement Savings Plan contains a prohibited investment.5
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

REFERENCES
- http://www.cra-arc.gc.ca/E/pub/tg/t4040/t4040-e.html#rrsp
- http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/rrsps-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#prohibited
- http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ntvdnc/prhbtnvst-eng.html