These questions can be multi$-$select $($more than $1$ correct answer, not traditional MCQ$)$

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Which of the following accounts grant a tax$-$deduction upon contributing:

First Home Savings Account $($FHSA$)$

Tax Free Savings Account $($TFSA$)$

Registered Retirement Savings Plan $($RRSP$)$

High Interest Savings Account $($HISA$)$

Registered Retirement Income Fund $($RRIF$)$

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Which of the following accounts allow contributions to grow without tax burden$$s; even upon withdrawal?

$$First Home Savings Account $($FHSA$)$

Tax Free Savings Account $($TFSA$)$

Registered Retirement Savings Plan $($RRSP$)$

High Interest Savings Account $($HISA$)$

Registered Retirement Income Fund $($RRIF$)$

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An investor can hold a FHSA until the year after they turn $71,$ once this date has passed the account must be converted to an RRIF.

TRUE

FALSE

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If the value of a TFSA, through dividend & interest income, capital gains etc. exceeds the allowable contribution limit$,$ the investor must withdrawal the overage, or face a $1\mathrm{.}0\%$ tax penalty per month until the account falls below the allowable contribution limit$.$

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TRUE

FALSE

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Time can be one of the greatest assets an investor has when saving for their retirement. The earlier one starts, often the sooner they can retire.

TRUE

FALSE