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  Improve Your Financial Knowledge - Part 15

  1-Apr-2023

  47. Legislations for new account openings:

  1. Securities

  2. Taxation

  3. Privacy

  4. Anti-money laundering and terrorist financing (AMLTF)

   

  New account documents

  * General Client information * Financial Know Your Client (KYC) information * Client Identification (ID) information * Privacy * Relationship Disclosure Information (RDI) * Information Applicable to the Account/Type

   

  48. Account types:

  A) Registered plans

  Defined under Income Tax Act * Registered with CRA * Incentives to grow savings for a specific purpose, such as retirement or children's education.

  Registered Retirement Savings Plans (RRSP) * Registered Retirement Income Funds (RRIF) * Locked-in RRSPs (LRSP) and Locked-in Retirement Accounts (LIRA) * Tax-Free Savings Accounts (TFSA) * Registered Education Savings Plans (RESP) * Registered Disability Savings Plans (RDSP)

   

  B) Non-registered accounts

  No tax incentive * Not registered with CRA * Must pay tax on any income generated.

  Individual accounts * Joint accounts * Trust accounts * Corporate accounts * Unincorporated entity accounts

  You can book your consultation at 

  Https://ABCFinancialAdvisor.com/Book-a-Meeting

  Or call us at 647-830-8080

   

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