IFIC Mutual Funds Licensing Practice Exam · Question
Which of the following is true regarding Registered Education Savings Plan (RESP) grants?
The maximum lifetime CESG a beneficiary can receive is $7,200. The CESG is available until the end of the calendar year in which the beneficiary turns 17. The C
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Question: Which of the following is true regarding Registered Education Savings Plan (RESP) grants?
Answer options:
- The Canada Education Savings Grant (CESG) is available until the beneficiary turns 21 years old. ✅ The maximum lifetime CESG available per beneficiary is $7,200.
- The Canada Learning Bond (CLB) requires a contribution to the RESP to be received.
- RESP contributions are tax-deductible.
Correct answer: The maximum lifetime CESG available per beneficiary is $7,200.
Explanation: The maximum lifetime CESG a beneficiary can receive is $7,200. The CESG is available until the end of the calendar year in which the beneficiary turns 17. The CLB does not require contributions to be received. RESP contributions are not tax-deductible.
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