Free practice
RSE practice questions: registered accounts
Ten RSE practice questions on registered accounts. TFSA (2025: $7,000), RRSP (2025: 18% × prior earned income up to $32,490), FHSA ($8,000/yr / $40,000 lifetime), RESP CESG (20% on first $2,500/yr; $7,200 lifetime), RRIF minimums by age, HBP and LLP withdrawal rules. The CRA indexes most figures annually; verify the current year before quoting.
10 free questions
Click a question to reveal the answer and the explanation. The full bank includes an AI tutor on every wrong answer with the rule citation behind the question.
Want 100 more questions on this topic?
Element 1 of every CIRO course is free — lessons, practice bank, AI tutor. No card to try. $29.99/month or $249/year unlocks the rest. 30-day money-back.
FAQ
Can a retail client over-contribute to TFSA?
Yes, and the penalty is 1% per month on the excess. The retail rep must understand cumulative room (~$95,000 if eligible since 2009) before recommending a top-up.
When does the FHSA window close?
15 years after opening, or end of year holder turns 71, whichever is sooner. Unused FHSA balance must be transferred to RRSP or withdrawn (taxable if not used for first home).
What's the HBP repayment schedule?
15 years, starting the second calendar year after the year of withdrawal. CRA assesses tax on missed repayments as RRSP income.
When does RRSP convert to RRIF?
By Dec 31 of the year the holder turns 71. Failure to convert results in deemed full collapse and full taxation in that year.
Spousal RRSP attribution?
Three-year attribution rule: contributions made by one spouse and withdrawn by the receiving spouse within 3 calendar years of contribution attribute back to the contributor for income-tax purposes.