11/3/25, 3:44 PM seg funds mock olivers questions and answers Flashcards | Quizlet
seg funds mock olivers questions and answers
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Terms in this set (30)
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,11/3/25, 3:44 PM seg funds mock olivers questions and answers Flashcards | Quizlet
Luke will turn 70 years old Canada Pension Plan (CPP)
this year. He retired two Rationale:
years ago, after a 35-year Individuals can defer their CPP and OAS benefits but
career at a large Canadian must start receiving them by age 70. They do not
manufacturer. His wife need to convert their RRSP to a RRIF before the year
died around the same time they turn 71. (Refer to Sections 4.4.1.3, 4.4.2)
and he has been living off
the life insurance benefit
he received as a result of
her passing, so he has not
touched the savings in his
Registered Retirement
Savings Plan (RRSP), nor
has he started receiving
any government pension.
Which among the
following income sources
will Luke start to receive
this year?
a) Tax-Free Savings
Account (TFSA) holdings
b) Canada Pension Plan
(CPP)
c) Life Income Fund (LIF)
d) Registered Retirement
Income Fund (RRIF)
YOUR ANSWER
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,11/3/25, 3:44 PM seg funds mock olivers questions and answers Flashcards | Quizlet
Telma is a single mother of Savings in an RESP account grow tax-deferred and
two children aged 4 and 7. contributions are not tax-deductible. There is a
She meets with her lifetime contribution limit per beneficiary of $50,000,
financial advisor to gather regardless of whether the RESP is an individual or
some information about family plan. A family plan can have more than one
RESP contributions to save beneficiary and each beneficiary must be related to
for her children's the subscriber. An RESP beneficiary (i.e., the student)
education. Which of the receives withdrawals from the plan as Educational
following information Assistance Payments (EAPs). EAPs are paid only when
provided by the advisor is the student is enrolled in a qualifying educational
true? program. Withdrawals are taxed in the hands of the
a) Savings grow tax- beneficiary. Since most students have very little
deferred and income, the EAPs are usually tax-free.Ref: 4.7.4
contributions are not tax-
deductible.
b) If the RESP is a family
plan, the lifetime
contribution limit per
beneficiary is $100,000.
c) A family RESP plan can
only have three
beneficiaries, and the
beneficiaries need not be
related to the subscriber.
d) All RESP beneficiaries
receive Educational
Assistance Payments
(EAPs) which are taxable
to the subscriber.
https://quizlet.com/1102410316/seg-funds-mock-olivers-questions-and-answers-flash-cards/?new 3/31
, 11/3/25, 3:44 PM seg funds mock olivers questions and answers Flashcards | Quizlet
Lena is planning to invest Income funds are based on bonds, and growth is
in a type of segregated derived by the regular interest income the bonds pay
funds called income funds and their possibility for capital appreciation. Income
and she asks her insurance funds are not restricted to bonds and some may also
agent to provide her with hold high-quality stocks. Income funds are a lower-
some information related risk fund.Ref: 2.2.4
to income funds. Her
insurance agent is likely to
mention that income funds
are:
a) based on bonds.
b) restricted to bonds.
c) high-risk funds.
d) based on stocks.
Jeffrey used $155,000 of Jeffrey will receive $245,365 on the maturity of the
his inheritance to contract. The guarantee is $245,365 × 75% =
purchase an Individual $184,023.75, however that is the minimum as the
Variable Insurance investor receives the greater of the maturity
Contract with M & J guarantee or the market value of the fund. (Refer to
Insurance Co. The maturity Section 1.3.1.4)
on the contract was a
deposit-based guarantee
of 75%. Ten years later, the
contract was worth
$245,365.
Not including fees and
charges owed, how much
will Jeffrey receive at
maturity?
a) $245,365
b) $128,898.75
c) $0
d) $184,023.75
https://quizlet.com/1102410316/seg-funds-mock-olivers-questions-and-answers-flash-cards/?new 4/31
seg funds mock olivers questions and answers
Save
Terms in this set (30)
https://quizlet.com/1102410316/seg-funds-mock-olivers-questions-and-answers-flash-cards/?new 1/31
,11/3/25, 3:44 PM seg funds mock olivers questions and answers Flashcards | Quizlet
Luke will turn 70 years old Canada Pension Plan (CPP)
this year. He retired two Rationale:
years ago, after a 35-year Individuals can defer their CPP and OAS benefits but
career at a large Canadian must start receiving them by age 70. They do not
manufacturer. His wife need to convert their RRSP to a RRIF before the year
died around the same time they turn 71. (Refer to Sections 4.4.1.3, 4.4.2)
and he has been living off
the life insurance benefit
he received as a result of
her passing, so he has not
touched the savings in his
Registered Retirement
Savings Plan (RRSP), nor
has he started receiving
any government pension.
Which among the
following income sources
will Luke start to receive
this year?
a) Tax-Free Savings
Account (TFSA) holdings
b) Canada Pension Plan
(CPP)
c) Life Income Fund (LIF)
d) Registered Retirement
Income Fund (RRIF)
YOUR ANSWER
https://quizlet.com/1102410316/seg-funds-mock-olivers-questions-and-answers-flash-cards/?new 2/31
,11/3/25, 3:44 PM seg funds mock olivers questions and answers Flashcards | Quizlet
Telma is a single mother of Savings in an RESP account grow tax-deferred and
two children aged 4 and 7. contributions are not tax-deductible. There is a
She meets with her lifetime contribution limit per beneficiary of $50,000,
financial advisor to gather regardless of whether the RESP is an individual or
some information about family plan. A family plan can have more than one
RESP contributions to save beneficiary and each beneficiary must be related to
for her children's the subscriber. An RESP beneficiary (i.e., the student)
education. Which of the receives withdrawals from the plan as Educational
following information Assistance Payments (EAPs). EAPs are paid only when
provided by the advisor is the student is enrolled in a qualifying educational
true? program. Withdrawals are taxed in the hands of the
a) Savings grow tax- beneficiary. Since most students have very little
deferred and income, the EAPs are usually tax-free.Ref: 4.7.4
contributions are not tax-
deductible.
b) If the RESP is a family
plan, the lifetime
contribution limit per
beneficiary is $100,000.
c) A family RESP plan can
only have three
beneficiaries, and the
beneficiaries need not be
related to the subscriber.
d) All RESP beneficiaries
receive Educational
Assistance Payments
(EAPs) which are taxable
to the subscriber.
https://quizlet.com/1102410316/seg-funds-mock-olivers-questions-and-answers-flash-cards/?new 3/31
, 11/3/25, 3:44 PM seg funds mock olivers questions and answers Flashcards | Quizlet
Lena is planning to invest Income funds are based on bonds, and growth is
in a type of segregated derived by the regular interest income the bonds pay
funds called income funds and their possibility for capital appreciation. Income
and she asks her insurance funds are not restricted to bonds and some may also
agent to provide her with hold high-quality stocks. Income funds are a lower-
some information related risk fund.Ref: 2.2.4
to income funds. Her
insurance agent is likely to
mention that income funds
are:
a) based on bonds.
b) restricted to bonds.
c) high-risk funds.
d) based on stocks.
Jeffrey used $155,000 of Jeffrey will receive $245,365 on the maturity of the
his inheritance to contract. The guarantee is $245,365 × 75% =
purchase an Individual $184,023.75, however that is the minimum as the
Variable Insurance investor receives the greater of the maturity
Contract with M & J guarantee or the market value of the fund. (Refer to
Insurance Co. The maturity Section 1.3.1.4)
on the contract was a
deposit-based guarantee
of 75%. Ten years later, the
contract was worth
$245,365.
Not including fees and
charges owed, how much
will Jeffrey receive at
maturity?
a) $245,365
b) $128,898.75
c) $0
d) $184,023.75
https://quizlet.com/1102410316/seg-funds-mock-olivers-questions-and-answers-flash-cards/?new 4/31
