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Exam CIFC Topic 1 Question 97 Discussion

Actual exam question for IFSE Institute's CIFC exam
Question #: 97
Topic #: 1
Preston has been working for Thompson Industries for just over a year and has been part of Thompson's deferred profit sharing plan (DPSP) program from his start date. Preston wants to know more about these types of plans.
What would you tell Preston about DPSPs?

Suggested Answer: C Vote an answer

Explanation
A DPSP is a type of registered plan that allows employers to share their profits with their employees.
Employees do not contribute to a DPSP, and they do not pay taxes on the contributions until they withdraw them. Employers can deduct their contributions to a DPSP from their taxable income, subject to certain limits and conditions.
References = IFSE CIFC Module 6: Registered Plans, page 6-12. Contributing to a deferred profit sharing plan
- Canada.ca

by Gustave at Jul 25, 2024, 11:22 PM

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Here are all the actual test exam dumps for IT exams. Most people prepare for the actual exams with our test dumps to pass their exams. So it's critical to choose and actual test pdf to succeed.

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