THE FUTURE MARKETACADEMY
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School of Money (education only)

Registered Accounts Specialist Study: rules and professional pathways

What you'll be able to do
  • Find and read the CRA's own rule sources (guides, forms, folios and web pages) and record the year and date of every rule you use.
  • Explain and calculate the penalty taxes on excess TFSA, RRSP and FHSA contributions, and name the forms involved.
  • Explain qualified, non-qualified and prohibited investments, and the advantage tax, at a specialist level.
  • Explain what happens to a TFSA and an RRSP when the holder dies, including successor holders, beneficiaries and refunds of premiums.
  • Describe who may sell investments or give advice in Canada, how advisors are paid, and how to check registration and complain.
  • Map a professional pathway (titles, registration and designations) from official pages, without guessing.
  • Lead a short education session on registered accounts and review a peer's work, staying on the education side of the line.

This course is education only and is about Canadian rules (the Canada Revenue Agency, CRA, and the Financial Consumer Agency of Canada, FCAC). Every Canadian fact comes from canada.ca, and every number carries the year it applies to, because limits, forms and pages change. It does not tell anyone which account to use, what to hold or which advisor to hire, and it is not tax, legal or financial advice. Lessons 2 and 5 have In your country boxes for learners outside Canada. Before any real decision, consult a licensed professional (for example a registered advisor or an accountant).

Words in this course 45Open the Vocabulary Hall
01

The specialist's rulebook: CRA sources and their dates

In simple words

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.

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.

Key facts
  • 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 typeWhat it isExample (year)
GuidePlain-language rules for a tax yearT4040 Rev. 25 (2025 tax year)
FormWhat you file, named by yearT1-OVP, 2025
FolioCRA technical positions, not lawS3-F10-C2 (current as of 2024-05-28)
Web pageShort rules and examplesTFSA over-contribution page (modified 2026-01-06)
Step by step
  1. Open canada.ca and search for "T4040".
  2. Write the guide's code, its revision number and the tax year it covers.
  3. Open one CRA web page about the TFSA and scroll to "Page details". Write the date.
  4. Open the folio S3-F10-C2 and write its "current as of" date and the plans it covers.
  5. Start a "rule register": a table with the columns Rule, Number, Year, Source, Date checked.
  6. Add the three items you just found to the register.
  7. Check: every row has a source on canada.ca and a year. No row comes from a social media post.
Watch on YouTube
Check yourself with lateral readingCrashCourse · YouTube · youtube.com

Videos by other creators on YouTube, for reference. They are not made by or affiliated with The Future Market.

LESSON 01The specialist's rulebook: CRA sources and their dates
LESSON 01 / ANIMATED LESSON / AI VOICE00:00 / 01:00
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."
Try it now

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.
Open Claude
Sources
My notes
02

Over-contributions: penalty taxes and forms

This lesson is part of full access: every course and every level for one payment.

03

What an account may hold: qualified, non-qualified and prohibited investments

This lesson is part of full access: every course and every level for one payment.

04

When a holder dies: TFSA and RRSP rules

This lesson is part of full access: every course and every level for one payment.

05

Who may advise: registration, pay and complaints

This lesson is part of full access: every course and every level for one payment.

06

Professional pathways: titles, registration and designations

This lesson is part of full access: every course and every level for one payment.

07

Capstone: teach a session and review a peer's work

This lesson is part of full access: every course and every level for one payment.

++

Final project

This lesson is part of full access: every course and every level for one payment.

??

Quiz

  1. Why should a specialist write the year next to every rule and number?

  2. What is a tax folio, according to the tax agency that issues it?

  3. How is a monthly penalty on an over-contribution usually measured in the course's example?

  4. What is the fastest way to stop a monthly over-contribution tax?

  5. Why is a "prohibited" investment in a registered account treated so strictly?

  6. Does a refund of a penalty tax always cover the extra tax on income from a forbidden investment?

  7. What is the difference between a successor holder and a beneficiary of a tax-free account?

  8. What should you check before someone sells you investments or gives advice?

  9. Why can the way an advisor is paid matter?

  10. Is a professional designation the same as being registered?

  11. Where should you read the requirements for a professional designation?

  12. What is the difference between education and advice in a teaching session?

EX

Final exam

This lesson is part of full access: every course and every level for one payment.

CE

Certificate

This lesson is part of full access: every course and every level for one payment.