review 2 Flashcards
review (19 cards)
What is the limit to RRSP Contributions each year?
18% of your earned income in the previous year, or
The maximum contribution amount for the current tax year
What is one benefit of RRSP?
Tax-sheltered earnings - the investments you hold in your RRSP grow tax-free but are taxed when withdrawn. You can continue to use any profit towards other investments this year without having to pay any tax.
Will I have to pay additional taxes to CRA on my RRSP?
You may have to pay additional taxes after QT withholds taxes
How much tax with Questrade withhold on my RRSP withdrawal
Withdraw up to $5k = 10%
Withdraw 5,001 - $15k = 20%
Withdraw over 15K = 30%
Which methods of funding can’t I use for USD
Interac and Online Bill pay
Which three funding methods are FREE?
only one is USD
Online Bill pay, Interac, and Pre-Authorized Deposit (USD)
Which funding method is quickest for USD?
MO, Cert check or Wire trf are all 1-2 bz days
How long does Pre-Authorized Debit take
Up to 2 days when under 10k
up to 7 days if over 10k
What does QT need to process P.A.D.?
Void check or direct deposit form
How long do we hold USD non cert check?
15 days
How long do we hold CAD non cert check
10 days
How long does online banking take
2-3 bz days
How long does Interac take
Instant, BUT one day if its a new a/c
How long do I have to wait after online bill pay for my funds to be available
1-2 bz days
Who is Questrade’s bank
RBC
How long does Wire trf take?
1-2 bz days
If I choose to take money out from RRSP thru HBP, how long do I have to pay back
15 yrs starting from yr 2 after you withdrew
How much can I withdraw from my RRSP for HPB
up to 25k (tax free)
How much does it cost to buy INTL stocks
1% of value of trade, min 195
