IFIC Mutual Funds Licensing Practice Exam · Question
A family contributes $2,000 to an RESP for their child, Liam. Assuming they have not utilized any CESG room, what is the maximum CESG amount Liam can receive for this contribution?
The basic CESG provides a 20% match on the first $2,500 of annual contributions (assuming sufficient unused CESG room). Therefore, 20% of $2,000 is $400. (Note:
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Question: A family contributes $2,000 to an RESP for their child, Liam. Assuming they have not utilized any CESG room, what is the maximum CESG amount Liam can receive for this contribution?
Answer options: ✅ $400
- $500
- $200
- $600
Correct answer: $400
Explanation: The basic CESG provides a 20% match on the first $2,500 of annual contributions (assuming sufficient unused CESG room). Therefore, 20% of $2,000 is $400. (Note: Only this basic CESG is calculated here, not additional CESG).
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