Sasha started a RESP five years ago for her son Ivan who is now 17 years of age. In 2016, 2017 and 2018 she contributed $4,000 each year. In 2019 she did not have much extra money and so only contributed $1,000. In 2020 she will make a contribution of $2,000. Which of the following statements is true? a. Total CESG given from the start of the plan until the end 2019 will be $2,600. b. Total CESG given from the start of the plan until the end 2019 will be $1,500. c. In the year the beneficiary turns 16 is the last year that they can get a CESG. d. The basic grant is 20% on annual contributions equal to the lesser of $7,200 and the beneficiary’s unused CESG grant contribution room available in the year. e. Beginning in 2005, the contribution room will increase to $5,000, and unused amounts can be carried forward.
Sasha started a RESP five years ago for her son Ivan who is now 17 years of age. In 2016, 2017 and 2018 she contributed $4,000 each year. In 2019 she did not have much extra money and so only contributed $1,000. In 2020 she will make a contribution of $2,000.
Which of the following statements is true?
| a. |
Total CESG given from the start of the plan until the end 2019 will be $2,600. |
|
| b. |
Total CESG given from the start of the plan until the end 2019 will be $1,500. |
|
| c. |
In the year the beneficiary turns 16 is the last year that they can get a CESG. |
|
| d. |
The basic grant is 20% on annual contributions equal to the lesser of $7,200 and the beneficiary’s unused CESG grant contribution room available in the year. |
|
| e. |
Beginning in 2005, the contribution room will increase to $5,000, and unused amounts can be carried forward. |
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