CISI Investment Funds in Canada (IFC)Exam IFC Question # 94 Topic 10 Discussion

CISI Investment Funds in Canada (IFC)Exam IFC Question # 94 Topic 10 Discussion

IFC Exam Topic 10 Question 94 Discussion:
Question #: 94
Topic #: 10

Ellen and her only son Jeff live on the family farm with her father George. Jeff is five years old and Ellen has decided that it is time to start saving for Jeff’s post-secondary education. She has called you to ask about registered education savings plans (RESPs).

Which of the following statements is TRUE?


A.

If Jeff qualifies for additional CESG. his CESG lifetime maximum increases to $10,000.


B.

If Jeff decides not to pursue a post-secondary education, he can keep all the CESG but it then becomes taxable.


C.

George may open an RESP for Jeff but it will not quality to receive Canada Savings Education Grants (CESGs).


D.

If Ellen receives the National Child Benefit Supplement (NCBS), Jeff may be eligible for the Canada Learning Bond


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