CIFC Exam Dumps | Preston has been working for Thompson Industries for just over a year and has been part of Thompson's

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IFSEInstitute.CIFC.v2024-07-30.q103
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Question 30/103

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?

A. The employer is obliged to make DPSP contributions for an amount equal to employee contributions.

B. Once the plan is set up, the employer is obliged to make plan contributions each year.

C. DPSP contributions are tax-deductible to the employer.

D. Investment growth within the plan is taxable each year.

Correct Answer: C

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
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