Question

In which act and what section of the act are the CRA requirements for an RSP stated?

A) Income Tax Act, Section 146
B) Financial Administration Act, Section 302
C) Canadian Pension Plan Act, Section 110
D) Excise Tax Act, Section 165

Answer 1

The CRA requirements for an RRSP are found in the Income Tax Act, Section 146, detailing rules for contributions, tax treatments, and other regulations for RRSPs.

Step-by-step explanation:

The requirements for a Retirement Savings Plan (RSP), which is comparable to what's known as a Registered Retirement Savings Plan (RRSP) in Canada, are stated in the Income Tax Act, specifically in Section 146. This section of the act details the rules for contributions, tax deductibility, transfers, and withdrawals related to RRSPs.