Isabella and Henry have just had a daughter for whom they would like to open a registered education savings account (RESP). Since Isabella just received a $50,000 inheritance, she has decided to contribute it all to the RESP in 2020. Which statement below is correct with respect to the RESP for their daughter?

		They are eligible to receive a $500 government grant only in 2020 and none thereafter.
		They will receive a government grant in the amount of $10,000 in 2020.
		They are not eligible to receive the 20% government grant because they have overcontributed to the plan.
		They will receive a government grant of $500 in 2020 and each year thereafter until their daughter begins school.