IFIC Mutual Funds Licensing Practice Exam · Question
Mr. and Mrs. Lee want to save for their newborn daughter Emily's post-secondary education. They are considering an RESP. What is the maximum Canada Education Savings Grant (CESG) Emily could receive in total?
The basic CESG provides 20% on the first $2,500 of annual contributions, up to $500 per year. The lifetime maximum CESG a beneficiary can receive is $7,200.
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Question: Mr. and Mrs. Lee want to save for their newborn daughter Emily's post-secondary education. They are considering an RESP. What is the maximum Canada Education Savings Grant (CESG) Emily could receive in total?
Answer options: ✅ $500 per year, up to a lifetime maximum of $7,200
- $7,200 per year, up to a lifetime maximum of $500
- 20% of their annual contributions, up to $2,000 annually
- 100% of their annual contributions, up to a lifetime maximum of $5,000
Correct answer: $500 per year, up to a lifetime maximum of $7,200
Explanation: The basic CESG provides 20% on the first $2,500 of annual contributions, up to $500 per year. The lifetime maximum CESG a beneficiary can receive is $7,200.
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