Funds withdrawn before retirement from a profit sharing plan will ALWAYS be subject to penalty.TrueFalse

A savings account in a bank A.applies a penalty if the funds are withdrawn before the maturity date.B.gives access to the funds at an agreed date.C.locks the money in until a certain date.D.cannot be used directly for payment.

Mutual fund withdrawal options excludesMultiple ChoiceWithdrawal of all asset growth from income dividends and capital gains.Liquidation or selling of a certain number of shares each investment period.Withdrawal of a fixed percentage of asset growth.Selling of open-end mutual fund share on the Toronto Stock Exchange.Selling shares of a closed-end fund on an exchange or over the counter market.

Withdrawals are a type of transaction that affects equity.  True False

A savings account in a bank A.gives access to the funds at an agreed date.B.applies a penalty if the funds are withdrawn before the maturity date.C.locks the money in until a certain date.D.cannot be used directly for payment.

Janice’s company has a portability option in the defined contribution pension plan. Janice quits to go work for a competitor. What will happen to her pension? A.Janice will receive future benefits based on the contributions made to the plan by her and her company on her behalf. B.Janice will lose the value of her retirement savings, since she quit.C.Janice can move the pension to her new employer or roll it over to a locked-in RRSP.D.Janice will only receive future benefits based on the contributions made to the plan by her.