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A new client is opening a Registered Retirement Savings Plan. Their investment advisor asks for their social insurance number (SIN). The advisor must tell the client that because they are opening a tax reporting product, their SIN is mandatory for tax reporting purposes and?
Suggested Answer: D
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36 comments · newest first
LU
Luke
12 months ago
Yeah, I agree, it should be mandatory for identity verification!
ME
Melvin
1 year ago
I thought it was just for tax purposes, not identity.
DE
Delfina
1 year ago
Wait, is the SIN really needed for marketing? Sounds off.
DO
Doyle
1 year ago
Definitely mandatory for identity verification too.
AM
Amie
1 year ago
It's mandatory for tax reporting, no doubt!
ED
Edgar
1 year ago
I’m leaning towards B, but I vaguely remember something about it being optional for marketing purposes too.
OZ
Ozell
1 year ago
I feel like it might be optional for identity verification, but I can't recall the exact details from my study notes.
CL
Clay
1 year ago
I remember practicing a question similar to this, and I think the answer was that it's mandatory for both tax reporting and identity verification.
TE
Terrilyn
1 year ago
I think the SIN is definitely mandatory for tax reporting, but I'm not sure if it's also mandatory for identity verification.
DE
Delfina
1 year ago
Hmm, I'm a bit unsure about this one. The question mentions Edwin reinstating lost data from backups, but I'm not sure which specific step that corresponds to. I'll have to think it through carefully.
MA
Malcom
1 year ago
I'm a little confused by this one. The information about Grum's financials doesn't seem directly relevant to the question about the threshold for disclosing major customer data. I'll need to review the segment reporting requirements more closely to figure this out.
SU
Susana
1 year ago
Option C - 'Optional for secondary marketing purposes'? Yeah, right! I bet the advisor would try to sell the client's personal info to the highest bidder. Talk about a shady financial move!
AL
Alisha
1 year ago
Option B is the way to go. The SIN is essential for identity verification when opening an RRSP. Anything else would be a breach of privacy and trust. Time to put on my accountant hat!
SU
Susana
1 year ago
I think it's only needed for tax purposes.
TH
Theresia
1 year ago
C) Optional for secondary marketing purposes.
ME
Merilyn
1 year ago
Absolutely, it's crucial for security.
SH
Shawnta
1 year ago
B) Mandatory for identity verification purposes.
KI
Kimbery
1 year ago
Haha, Option D is so obviously wrong. Trying to make the SIN mandatory for marketing? That's a big no-no! The advisor better stick to the tax reporting requirements.
RU
Rusty
1 year ago
A: Exactly, keeping it separate is key for client trust.
BE
Bethanie
1 year ago
B: Yeah, definitely don't want to mix up tax reporting with marketing.
OW
Owen
1 year ago
A: B) Mandatory for identity verification purposes.
MI
Mirta
2 years ago
I'm going with Option B. The SIN is required for tax reporting, and the advisor has to inform the client about that. Trying to use it for marketing would be shady and illegal.
TR
Tracie
1 year ago
A: Exactly, it's a legal requirement.
GE
Gearldine
1 year ago
B: That makes sense, it's important for tax purposes.
KE
Kent
1 year ago
A: Your SIN is mandatory for tax reporting purposes.
IV
Ivory
2 years ago
But isn't it also mandatory for identity verification purposes?
PE
Percy
2 years ago
I agree with Audry, it's important for tax reporting.
AU
Audry
2 years ago
I think the SIN is mandatory for tax reporting purposes.
HE
Helene
2 years ago
But is it also mandatory for identity verification purposes?
DA
Dante
2 years ago
Option B is clearly the correct answer. The SIN is mandatory for identity verification when opening a tax-reporting product like an RRSP. It's not optional or for secondary marketing purposes. Duh!
AV
Avery
2 years ago
No problem, always good to know why certain information is needed.
FE
Felicitas
2 years ago
I didn't know that, thanks for the info.
TA
Tanesha
2 years ago
Exactly, the SIN is required for tax reporting purposes.
LA
Lamonica
2 years ago
B) Mandatory for identity verification purposes.
JU
Jutta
2 years ago
I agree with Maurine, it's important for tax reporting.
MA
Maurine
2 years ago
I think the SIN is mandatory for tax reporting purposes.