Canadian Securities Course (CSC) Practice Exam · Question
Which registered account allows contributions to be tax-deductible and grows on a tax-deferred basis, with withdrawals taxable in retirement?
An RRSP allows contributions to be deducted from taxable income, and investments grow tax-deferred. Withdrawals in retirement are taxed as income.
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Question: Which registered account allows contributions to be tax-deductible and grows on a tax-deferred basis, with withdrawals taxable in retirement?
Answer options: ✅ Registered Retirement Savings Plan (RRSP)
- Tax-Free Savings Account (TFSA)
- Registered Education Savings Plan (RESP)
- Registered Disability Savings Plan (RDSP)
Correct answer: Registered Retirement Savings Plan (RRSP)
Explanation: An RRSP allows contributions to be deducted from taxable income, and investments grow tax-deferred. Withdrawals in retirement are taxed as income.
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