Exam CIFC Topic 1 Question 1 Discussion

Actual exam question for IFSE Institute's CIFC exam
Question #: 1
Topic #: 1

Ellen and her only son Jeff live on the family farm with her father George. Jeff is five years old and Ellen has decided that it is time to start saving for Jeff's post-secondary education. She has called you to ask about registered education savings plans (RESPs).
Which of the following statements is TRUE?

A. If Jeff qualifies for additional CESG. his CESG lifetime maximum increases to $10,000. B. If Jeff decides not to pursue a post-secondary education, he can keep all the CESG but it then becomes taxable. C. George may open an RESP for Jeff but it will not quality to receive Canada Savings Education Grants (CESGs). D. If Ellen receives the National Child Benefit Supplement (NCBS), Jeff may be eligible for the Canada Learning Bond

Suggested Answer: D Vote an answer

Explanation
If Ellen receives the National Child Benefit Supplement (NCBS), Jeff may be eligible for the Canada Learning Bond (CLB). The CLB is a grant of up to $2,000 that the Government of Canada deposits into a child's RESP to help low-income families start saving for their child's education2. The CLB does not require any contributions from the parents. To be eligible for the CLB, the child must have been born after December
31, 2003 and the family must receive the NCBS, which is part of the Canada Child Benefit3. The other statements are false. If Jeff qualifies for additional CESG, his CESG lifetime maximum increases to $7,200, not $10,000. If Jeff decides not to pursue a post-secondary education, he cannot keep the CESG; it must be returned to the government. George may open an RESP for Jeff and it will qualify to receive CESGs, as long as George is a resident of Canada and has a valid social insurance number. References: Unit 8:
Retirement, Canada Learning Bond, [Canada Education Savings Grant], [RESP Withdrawals], [RESP Providers]

by Patrick at Jan 18, 2024, 07:07 PM

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