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1. What is the last date that an individual can contribute to an RRSP for the 2015 taxation year?
February 29th, 2016.

2. What is an Individual’s Maximum contribution limit for the 2015 taxation year?
$24,930

3. If an individual wants to withdraw funds in cash from a RRSP what are the withholding tax rates?
Up to $5000 – 10%
Between $5000-$15000 – 20%
More than $15000 – 30%

4. Assuming an individual has money in RRSP’s when can they start withdrawing for retirement income from these savings?
Anytime before 71,

5. What is the differences between a spousal RRSP contribution and non-spousal RRSP contribution?
- A spousal RRSP is where one spouse makes an RRSP contribution but the other spouse owns the plan
- In a spousal RRSP, the higher income spouse will contribute to the plan. The higher income spouse can then claim the tax deduction.

7. How can figure out your RRSP deduction limit for 2015?
Notice of Assessment –

8. If a person wants to over contribute, how much is the lifetime penalty-free RRSP over contribution limit?
If you over contribute, you will be subject to a 1% penalty tax per month

9. What is a homebuyer’s plan?
If you are a first time home buyer, it is possible to withdraw up to $25000 from your RRSP under the Home Buyer's Plan when you buy a qualifying home

10. What is the maximum withdrawal through the home Buyers’ plan?
$25000

11. What is LLLP stand for?
Lifelong Learning Plan

12. Who will qualify for LLLP?
A person who owns an RRSP Plan and Resident of Canada
The student is enrolled or has received an offer to enroll before March of the following year