IFIC Mutual Funds Licensing Practice Exam · Question
Sarah, 35, contributes $5,000 to her Registered Retirement Savings Plan (RRSP). Her marginal tax rate is 30%. How much tax will she save in the current year due to this contribution?
RRSP contributions are tax-deductible. The tax savings are calculated by multiplying the contribution amount by the investor's marginal tax rate ($5,000 * 0.30
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Question: Sarah, 35, contributes $5,000 to her Registered Retirement Savings Plan (RRSP). Her marginal tax rate is 30%. How much tax will she save in the current year due to this contribution?
Answer options: ✅ $1,500
- $500
- $5,000
- $3,500
Correct answer: $1,500
Explanation: RRSP contributions are tax-deductible. The tax savings are calculated by multiplying the contribution amount by the investor's marginal tax rate ($5,000 * 0.30 = $1,500).
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