IFIC Mutual Funds Licensing Practice Exam · Question
A client contributes $2,500 to an RESP for their child. Assuming the family net income qualifies for the basic CESG rate, what is the maximum CESG amount received in that year?
The basic CESG rate is 20% on the first $2,500 of annual contributions, up to a maximum of $500 per year ($2,500 * 20% = $500).
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Question: A client contributes $2,500 to an RESP for their child. Assuming the family net income qualifies for the basic CESG rate, what is the maximum CESG amount received in that year?
Answer options:
- $250 ✅ $500
- $625
- $750
Correct answer: $500
Explanation: The basic CESG rate is 20% on the first $2,500 of annual contributions, up to a maximum of $500 per year ($2,500 * 20% = $500).
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