Kienle has provided his advisor with the following information:

($)

Income last year

50,000

Pension adjustment last year

2,500

Unused contribution room from previous years

3,500

Assuming he has never over-contributed, what is the maximum amount that Kienle can put into his Registered Retirement Savings Plan without incurring a penalty?

Maxwell is filing a rights or things tax return for his deceased mother. She had the following sources of income:

Debenture interest coupons.

Unpaid dividends declared before her death.

Old age security that was due before her death.

Income from a registered retirement savings plan (RRSP).

Which form of income will Maxwell have to exclude from the rights or things tax return?

Tara bought an insurance policy on Wednesday, June 6. What date would her rescission right end?

Bonny is looking to lease a vehicle. Here is the information given to her by the salesperson:

Net capitalized value

$25,000

Monthly payments

$300

Term of the lease

48 months

Residual value

$13,450

Sales taxes on residual value

$1,749

Down payment (including taxes)

$4,500

What is the total cost of leasing?

Roy gifted his nephew Charles, age 16, shares for his birthday. The managed portfolio will generate both dividends, and capital gains and losses. What will be Roy's future tax implications, with respect to this transfer, until Charles reaches the age of majority?

How long does an executor have to make a spousal Registered Retirement Savings Plan contribution on behalf of a deceased person?

Evelyn spends a great deal of her money on vacations. Consequently, her net cash flow is not as much as she would like. What is the best strategy to help Evelyn improve her cash flow?

What is the most common going-concern valuation method used to determine the value of a business?

Paul has recently been promoted at work, and is looking to pay down his debts. Paul has the following obligations:

Type

Interest rate (%)

Amortization (years)

Mortgage

3.95

22

Registered Retirement Savings Plan (RRSP) line of credit

6.00

N/A

Consolidation loan

8.95

3

Credit card

15.00

N/A

Which debt should Paul pay down last?

Nelson Smith has hired Jackie Fraser to be his financial advisor. Jackie works for FP Inc. On Nelson's behalf, Jackie has placed an order for units of the QBR Balanced Fund from QBR Investments Inc., a subsidiary of the QBR Insurance Company. Who is the principal and third-party for this transaction?

Fiona and Stanley have provided the following data in order for their advisor to proceed with a capital needs analysis:

Fiona ($)

Assets

Stanley ($)

5,000

Cash

3,000

150,000

Life insurance

125,000

30,000

Investments

30,000

Fiona ($)

Estate obligations

Stanley ($)

15,000

Last expenses

15,000

10,000

Car loans

5,000

75,000

Mortgage outstanding

75,000

Assuming their required net monthly income is $3,000, and the discount rate is 6%, how much additional life insurance should Fiona and Stanley obtain respectively?

Which term describes an attempt to create a tax system that gives no preference to the form of ownership?

What factors are used for calculating contributions to an individual pension plan?

A Canadian resident, age 57, is self-employed and earns $74,000 in yearly income. The year's basic exemption and maximum pensionable earnings are $3,500 and $61,600, respectively. Assuming a contributory rate of 5.45%, how much will the resident pay in Canada Pension Plan premiums (rounded to the nearest dollar)?

Mr. and Mrs. Morrone are retired with two adult children, Joseph and Christine. The Morrones appointed Joseph as their power of attorney several years earlier but they have recently become concerned about him making decisions, particularly on some contentious family property. How can the Morrones address their concern?

Peter and Anna have been feeling like their debt is out of control. They have several credit cards maxed out along with vehicle loans and are having trouble keeping up with all of the payments. The couple does not own a home, but both have stable employment. They are meeting with their financial advisor, Joy, to discuss options for their debt situation. What is the most suitable option for them?

For spousal claims relating to joint family ventures, what does a proprietary award grant?

Xavier is a high-net-worth client in the highest tax bracket. He has maximized his child's registered education savings plan, and is interested in setting up an informal trust account to supplement his child's education savings. What is the most appropriate investment vehicle for this account to minimize taxes for Xavier?