BoK Statement

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)

Define

To state exactly the meaning of

Identify

To be aware of / to recognize and correctly name / to locate an appropriate resource

Explain

To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it

Compare

To note the similarities and differences between two or more things

Estimate

To determine an approximate value for

Calculate

To find the value using mathematics

Convert

To change from one form or purpose to another

Evaluate

To reach a conclusion or make a judgement through careful study

Interpret

To give the meaning of / to construe or understand / to translate orally

Read more about the Taxonomy used in the FP-BoK

Financial Planning Body of Knowledge