Pension

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Across
  1. 1. A tax-deferred savings account for retirement; contributions are tax-deductible, and growth is taxed on withdrawal.
  2. 5. A pension plan where payouts depend on contributions and investment returns and are not guaranteed.
  3. 8. Insurance products providing regular payments in exchange for a lump sum, often for lifetime income.
  4. 9. A non-refundable tax credit for Canadians aged 65 or older.
  5. 11. The named recipient of assets (e.g., RRSP, TFSA, insurance) upon death.
Down
  1. 2. A legal document authorizing someone to manage finances or pensions if incapacitated.
  2. 3. The estimated lump sum dollar amount you would need today to pay for your future pension.
  3. 4. A retirement plan guaranteeing fixed payouts for life.
  4. 6. A retirement account holding pension funds that cannot be withdrawn as cash until retirement.
  5. 7. A retirement account converting RRSP savings into taxable income, with mandatory minimum withdrawals.
  6. 10. A savings account where contributions are after-tax, but growth and withdrawals are tax-free.