An RPP Differs from an RRSP in That

question 16

Multiple Choice

An RPP differs from an RRSP in that

• A)earnings on the RPP are tax free after five years.
• B)contributions may exceed $2,000 in the RRSP.
• C)an RRSP is set up by an employer for an employee.
• D)An RPP is set up by an employer for an employee.
• E)funds are only to be used for education expenses

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Definitions:

Indebted Farmer

An agricultural worker or landowner who owes money, typically as a result of borrowing to finance farming operations or land purchase.

Revolutionary War

A war fought from 1775 to 1783 in which the American colonies successfully gained independence from Great Britain, becoming the United States of America.

Shays's Rebellion

A revolt carried out by American farmers in 1786-1787 against the execution of tax collections and debt judgments by state and local officials.

Thomas Jefferson

The third President of the United States (1801–1809), author of the Declaration of Independence, and a founding father known for his promotion of the ideals of republicanism in the United States.