Q: 7
Every February, Reginald, a Dealing Representative, feels pressured by his Manager to generate new
registered retirement savings plans (RRSP) and contributions to assist the branch in meeting broader
business targets. Reginald is nearing the end of February, and he has a meeting with a new client,
Orel. Orel wants to open a tax-free savings account (TFSA) to develop emergency savings because he
does not want to worry about his withdrawals being taxed. Reginald suggests that if Orel were to
contribute to an RRSP first, then the resulting tax savings could be used to fund a new emergency
account.
In relation to account suitability, what can be said about Reginald’s advice?
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