CI Ops - Account Types Quiz

Match the following

• Individual ownership

• TFSA

• Two or more owners

• JTWROS

• Two owners

• JTIC

The beneficiary of a locked-in plan must be the

• Spouse/Common Law Partner

• Estate

• Child

• Blood Relative

Answer explanation

If the client has checked off that they do not have a spouse on the application form, we can then appoint anyone as the beneficiary.

What documents can be submitted to change the beneficiary of a locked-in plan to someone other than the spouse?

• SSD

• Divorce decree

• Estate documents

• Spousal Death Benefit Waiver form

A savings plan must be converted to an income plan by

• Dec 31st in which the annuitant turns 71

• Dec 31st in which the annuitant turns 55

• The end of the year

• Whenever the client chooses to start receiving income

TFSA contribution room is accumulative.

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Match the following redemption amount with the corresponding WHT.

• 20%/25% QC

• $0-$5000

• 10%/20% QC

• $15000.01 +

• 30%/30% QC

• $5000.01 - $15000

Which plan type has it's own application form?

• LIRA

• RRSP

• RIF

• TFSA

• LIF

The in an income plan is not subject to withholding tax.

The default frequency for RIF/LIF payments is

• Monthly

• Semi-annually

• Bi-weekly

• Annually

The default amount for RIF/LIF payments is

• The MAX

• The MIN

• $500

• There is no default