Weekly Questions

Question #8 – Registered Plans (RESP)

In order to receive CESG grant in one’s RESP once a beneficiary is 16 and 17 years old there are additional conditions that must be met. Of the fol...

Question #7 - Insurance/Annuity

Muriel (aged 65) and Arma (aged 67) are married and recently retired. They want to purchase an annuity with non-registered money. Which of the foll...

Question #6 – Law

Harry is 65 years old and is recently retired. He would like to purchase a cottage to enjoy during retirement. He expects to leave his cottage to h...

Question #5 – RSP/DB Plan

Jodi is part of a defined benefit pension plan with a future benefit that is 2% of her salary for every year worked. After 30 years of service she ...

Question #4 – Behavioural Finance

Kile has decided he wants to spend less money on goods and services that are not essential. As he has traditionally not adhered to a budget and spe...

Question #3 – Credit and Debt

Tom has rented an apartment for close to 5 years and now wants to buy a condo on his own. He is 30 years old and makes an annual gross income of $7...

Question #2 – Tax (stand-by charge)

Michelle is hired as a regional manager for a large pharmaceutical company where she manages a group of 20 individuals. She does not make any commi...

Question #1 – Tax (capital gains)

Jonathan disposes of a number of belongings during the calendar year. He sold a rare manuscript for $1,000 (the original cost was $1,200). He also ...

Introduction

Beginning in August, Monkey Credits Inc. will publish one detailed practice question each week. A total of 18 questions will be published and will ...