Before this course: Retirement & Savings Planning: account strategy concepts (course 5.3.3). You already know the TFSA, RRSP, FHSA, RESP and RRIF basics, life-stage strategy concepts, CPP and OAS start ages and pension splitting. This course goes to specialist level: the exact rules behind the accounts, the penalty taxes, what happens at death, and the rules for the people who give advice.
The specialist's rulebook: CRA sources and their dates
A referee does not guess the rules of the game. They carry the rulebook, and they check which edition it is, because rules change between seasons. A specialist in registered accounts works the same way: every rule comes from the official book, with its year written next to it.
- CRA guides explain the rules in plain language for a tax year. Example: guide T4040, RRSPs and Other Registered Plans for Retirement, Rev. 25, covers the 2025 tax year and gives March 2, 2026 as the RRSP contribution deadline for 2025. Its chapters include RRSP contributions, anti-avoidance rules for RRSPs and RRIFs, transfers, pension adjustments and FHSA transfers.
- CRA forms carry a year in their name. Example: the T1-OVP, 2025 is the return for RRSP, PRPP and SPP excess contributions for 2025 (lesson 2).
- Income Tax Folios summarise the CRA's technical interpretations and positions, mainly for tax specialists. The CRA says the information "is not a substitute for the law". Example: Folio S3-F10-C2, Prohibited Investments, is current as of May 28, 2024 and covers RRSPs, RRIFs, RESPs, RDSPs, FHSAs and TFSAs (when the plan is a trust).
- Web pages show a date under "Page details" (for example "Date modified"). A specialist writes that date next to each fact.
- Publication versions: for example, guide RC4177, Death of an RRSP Annuitant, is Rev. 26 (page dated 2026-09-11).
- Habit of a professional: one fact, one source, one year. If two pages disagree, use the newer page and note the conflict; if a rule is unclear, ask the CRA or a licensed professional instead of guessing.
| Source type | What it is | Example (year) |
|---|---|---|
| Guide | Plain-language rules for a tax year | T4040 Rev. 25 (2025 tax year) |
| Form | What you file, named by year | T1-OVP, 2025 |
| Folio | CRA technical positions, not law | S3-F10-C2 (current as of 2024-05-28) |
| Web page | Short rules and examples | TFSA over-contribution page (modified 2026-01-06) |
- Open canada.ca and search for "T4040".
- Write the guide's code, its revision number and the tax year it covers.
- Open one CRA web page about the TFSA and scroll to "Page details". Write the date.
- Open the folio S3-F10-C2 and write its "current as of" date and the plans it covers.
- Start a "rule register": a table with the columns Rule, Number, Year, Source, Date checked.
- Add the three items you just found to the register.
- Check: every row has a source on canada.ca and a year. No row comes from a social media post.
Videos by other creators on YouTube, for reference. They are not made by or affiliated with The Future Market.
Read the video script
[Host] "Specialists do not quote rules from memory. They quote the rulebook, and the year."
[Text on screen: guide / form / folio / web page] "The CRA publishes guides, forms, folios and web pages. Each one tells you what year it is for."
[Screen: T4040 Rev. 25, 2025 tax year] "This RRSP guide is revision twenty-five, for the 2025 tax year."
[Text on screen: folio = CRA position, not law] "A folio explains the CRA's view for specialists. It is not the law itself."
[Text on screen: one fact, one source, one year] "Write every fact with its source and its year."
[Host] "That one habit protects you, and the people you teach."
Build a rule register with at least six rows from this lesson and lesson 2. Each row needs the number, the year, the canada.ca source and the date you checked it.
ClaudeStuck? Copy a ready-made prompt for Claude
Copy this, open Claude, paste it, and Claude will walk you through the lesson step by step.
For a grown-up: Claude is for adults (18+). Copy this, paste it into Claude, and use the answer to explain the lesson to your child.
I'm learning "Registered Accounts Specialist Study: rules and professional pathways" on The Future Market. Lesson 1: "The specialist's rulebook: CRA sources and their dates". What the lesson teaches: - CRA guides explain the rules in plain language for a tax year. Example: guide T4040, RRSPs and Other Registered Plans for Retirement, Rev. 25, covers the 2025 tax year and gives March 2, 2026 as the RRSP contribution deadline for 2025. Its chapters include RRSP contributions, anti-avoidance rules for RRSPs and RRIFs, transfers, pension adjustments and FHSA transfers. - CRA forms carry a year in their name. Example: the T1-OVP, 2025 is the return for RRSP, PRPP and SPP excess contributions for 2025 (lesson 2). - Income Tax Folios summarise the CRA's technical interpretations and positions, mainly for tax specialists. The CRA says the information "is not a substitute for the law". Example: Folio S3-F10-C2, Prohibited Investments, is current as of May 28, 2024 and covers RRSPs, RRIFs, RESPs, RDSPs, FHSAs and TFSAs (when the plan is a trust). - Web pages show a date under "Page details" (for example "Date modified"). A specialist writes that date next to each fact. - Publication versions: for example, guide RC4177, Death of an RRSP Annuitant, is Rev. 26 (page dated 2026-09-11). - Habit of a professional: one fact, one source, one year. If two pages disagree, use the newer page and note the conflict; if a rule is unclear, ask the CRA or a licensed professional instead of guessing. - Source type - What it is - Example (year) The exercise I'm working on: Build a rule register with at least six rows from this lesson and lesson 2. Each row needs the number, the year, the canada.ca source and the date you checked it. I'm stuck. Please: 1. Explain the main idea in plain, simple words with one everyday example. 2. Walk me through the exercise one small step at a time. Ask me what I've done so far before giving the next step. 3. Don't just give me the final answer. Help me do it myself, and check my work when I share it. 4. This is for learning only. Remind me to check with a licensed professional before I make a real decision about my own money, health or legal situation.
I'm a parent helping my child (about 8 years old) with a lesson called "The specialist's rulebook: CRA sources and their dates" from the course "Registered Accounts Specialist Study: rules and professional pathways". Here's what the lesson says: A referee does not guess the rules of the game. They carry the rulebook, and they check which edition it is, because rules change between seasons. A specialist in registered accounts works the same way: every rule comes from the official book, with its year written next to it. The activity: Build a rule register with at least six rows from this lesson and lesson 2. Each row needs the number, the year, the canada.ca source and the date you checked it. Please explain this so an 8-year-old understands: short sentences, a fun everyday example, and no hard words. Then give me 3 simple questions I can ask my child to check they understood, and a way to do the activity together, one tiny step at a time. Keep it general and educational. This is not advice for a real situation.
Sources
- CRA, T4040 RRSPs and Other Registered Plans for Retirement: www.canada.ca/en/revenue-agency/services/forms-publications/publicatio
- CRA, Income Tax Folio S3-F10-C2, Prohibited Investments: www.canada.ca/en/revenue-agency/services/tax/technical-information/inc
- CRA, RC4177 Death of an RRSP Annuitant: www.canada.ca/en/revenue-agency/services/forms-publications/publicatio
Over-contributions: penalty taxes and forms
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What an account may hold: qualified, non-qualified and prohibited investments
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When a holder dies: TFSA and RRSP rules
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Who may advise: registration, pay and complaints
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Professional pathways: titles, registration and designations
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Capstone: teach a session and review a peer's work
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Final project
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Quiz
Why should a specialist write the year next to every rule and number?
Limits, forms and pages change, so a rule is only true for the year it was published for.
What is a tax folio, according to the tax agency that issues it?
A summary of the agency's technical positions for specialists, not the law itself.
How is a monthly penalty on an over-contribution usually measured in the course's example?
On the highest excess in each month, for as long as it stays in the account.
What is the fastest way to stop a monthly over-contribution tax?
Take the excess out as soon as possible and report it.
Why is a "prohibited" investment in a registered account treated so strictly?
It is closely connected to the holder, which could let them get an unfair benefit.
Does a refund of a penalty tax always cover the extra tax on income from a forbidden investment?
No; in the course's example the refund covers only the 50% tax, never the 100% advantage tax.
What is the difference between a successor holder and a beneficiary of a tax-free account?
A successor holder becomes the new holder and the shelter continues; a beneficiary receives a payment, and growth after death can be taxed.
What should you check before someone sells you investments or gives advice?
That they are registered with the securities regulator, and how they are paid.
Why can the way an advisor is paid matter?
Commissions and other pay can create incentives that affect the advice.
Is a professional designation the same as being registered?
No; registration is required by law to sell securities, while a designation has its own separate requirements.
Where should you read the requirements for a professional designation?
On the granting body's own website, with the date you read it.
What is the difference between education and advice in a teaching session?
Education explains rules and shows made-up math; advice tells a person what to do with their own money.
Final exam
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Certificate
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