Asset Allocation and Investment Strategies for a New Investor

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Question 1 of 5

1. Question
Sophie plans to use the HBP for her first home purchase. Which account should she prioritize for her home down payment savings?
- Tax-Free Savings Account (TFSA)
- Registered Retirement Savings Plan (RRSP)
- Checking Account
- High-Interest Savings Account
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Question 2 of 5

2. Question
Considering Sophie’s dual goals of retirement and buying a home, what is a wise strategy for her?
- Invest only in her RRSP for both goals.
- Put all her savings into her TFSA.
- Balance her contributions between her RRSP (for retirement) and her TFSA (for the home purchase).
- Avoid investing in either account and keep the money under her mattress.
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Question 3 of 5

3. Question
As Sophie gets closer to buying her home, what adjustment should she consider for her TFSA investments?
- Shift to more aggressive stock investments for higher returns.
- Move towards lower-risk investments to protect her down payment funds.
- Withdraw everything and store it as cash at home.
- Invest everything in cryptocurrencies for potential quick gains.
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Question 4 of 5

4. Question
After using the HBP, what is required of Sophie regarding the funds she withdrew from her RRSP?
- She does not need to repay it.
- Repay the entire amount within two years.
- Gradually repay it into her RRSP over a maximum of 15 years.
- Donate the equivalent amount to charity as repayment.
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Question 5 of 5

5. Question
If Sophie contributes to her RRSP and then withdraws for the HBP, how does this affect her taxable income?
- The RRSP contribution reduces her taxable income, but the HBP withdrawal is not added to her income.
- Both the RRSP contribution and HBP withdrawal increase her taxable income.
- The RRSP contribution has no effect on her taxable income, and the HBP withdrawal increases it.
- The RRSP contribution and HBP withdrawal cancel each other out, with no net effect on her taxable income.
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Asset Allocation and Investment Strategies for a New Investor

Asset Allocation and Investment Strategies for a New Investor

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