1) Neil and Sandra each borrowed from their Registered Retirement Savings Plan (RRSP) under the Home Buyer’s Plan (HBP) for the down payment on the purchase of their first home. If Neil and Sandra withdrew the maximum that is permitted under the HBP program, and have a conventional mortgage (minimum required), what is the value of the home that they are looking to purchase?
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2) Jake is looking to invest $15,000 in XYZ mutual fund, how many mutual fund shares could he purchase if the Net Asset Value (NAV) of the fund was $43, and the fund had a front-end load of 3%?
a) 328 shares
b) 323 shares
c) 349 shares
d) 338 shares
e) 330 shares
3) The Management Expense Ratio (MER) for mutual funds states how much you pay a fund in percentage terms every year to manage your money. As the percentage appears small, most do not notice it, but Canadians have the highest average MER’s and these fees take a bite into returns. If you invested $15,000 in the Bank of Montreal BMO US Equity A mutual fund, how much are you paying the fund to manage your money? , a great investment research site; find the mutual fund BMO US Equity A to respond to the mutual fund question.)
4) Heidi is looking to invest in the Bank of Montreal BMO US Equity A mutual fund. She knows that it takes a minimum of $500 as the initial investment to get into the fund but is wondering what the minimum investment thereafter is as well as the 8th top investment holding? , a great investment research site; find the mutual fund BMO US Equity A to respond to the mutual fund question.)
a) $50CAD; Apple Inc.
b) $500CAD; Apple Inc.
c) $50US; Microsoft Corp.
d) $500US; Alphabet Inc.
e) $50CAD; Walmart Inc.
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5) Which statement is incorrect with regards to Term To 100 Insurance?
a) Permanent life insurance policy
b) Policy does not build cash value
c) Pay more for premiums as you age
d) No longer need to pay premiums if the policyholder lives past the age of 100
e) Premium does not include a savings component
6) Which of the following can influence your credit score?
c) Length of relationship with creditors
e) Marital status
Section I completed, continue to Section II.
Section II: Five (5) Mini-Cases (14 marks)
Please write (or highlight, where required) your response in the template or space provided.
Question 1: (3 marks)
Rory had always maximized his yearly contributions to his Tax-Free Savings Account (TFSA), including his latest contribution on February 1, 2018. He was going to use this money to finance his first home. This account only held one stock which he knew was risky but felt that it was the only way to ever own a home. Unfortunately, instead of having it grow to $200,000 like he had hoped, he lost all of his money with the company going bankrupt on November 15, 2018.
a) What is the earliest date that Rory can start to recontribute to his TFSA without triggering a penalty? (1 m) Get Finance homework help today
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