IFIC Mutual Funds Licensing Practice Exam · Question
Scenario 87: An investor wants to save for their child's post-secondary education. Contributions grow tax-deferred, and government grants are available. Which registered plan is most suitable?
The Registered Education Savings Plan (RESP) is specifically designed for saving for post-secondary education. Contributions grow tax-deferred, and the governme
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Question: Scenario 87: An investor wants to save for their child's post-secondary education. Contributions grow tax-deferred, and government grants are available. Which registered plan is most suitable?
Answer options:
- Registered Retirement Income Fund (RRIF) ✅ Registered Education Savings Plan (RESP)
- Tax-Free Savings Account (TFSA)
- Registered Disability Savings Plan (RDSP)
Correct answer: Registered Education Savings Plan (RESP)
Explanation: The Registered Education Savings Plan (RESP) is specifically designed for saving for post-secondary education. Contributions grow tax-deferred, and the government potentially matches contributions through the Canada Education Savings Grant (CESG) and other provincial grants. The correct answer is "Registered Education Savings Plan (RESP)". This capacity-fill scenario 87 reinforces the same competency for the ific bank and follows the certified explanation standard.
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