Question: All RRSP contributions that cannot be deducted in the current year will be subject to a penalty of 1 percent per month. True False A

All RRSP contributions that cannot be deducted in the current year will be subject to a penalty of 1 percent per month.

True

False

A Registered Retirement Savings Plan is considered to be a spousal Registered Retirement Savings Plan if a spouse or common-law partner has made any contributions to the plan at any time since its inception.

True

False

A bonus arrangement in which payments occur more than three years after they are earned by the employee will result in the employer not being able to deduct the compensation until it is paid.

True

False

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