Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please choose options from the pictures as final answers, will leave a positive vote Question 5 (2 points) Farah has been making contributions to an

please choose options from the pictures as final answers, will leave a positive vote
image text in transcribed
Question 5 (2 points) Farah has been making contributions to an RESP on behalf of her son, Jake, for the last 6 years. Over this period, she has contributed a total of $18,000, and the accumulated income amounts to $4,500. Farah died last year, and through her will, she left her estate to her husband, Max. Which of the following statements is true? all the RESP funds will pass to her son, Jake in trust Max can withdraw $18,000 from the RESP tax free Farah's contributions must be used to fund Jake's education Farah's contributions will be forfeited to the RESP promoter Question 6 (2 points) If you establish a family RESP with multiple beneficiaries, which of the following individuals can be a beneficiary of the plan? your 3-year old daughter your 27-year-old spouse your 10-year-old nephew your 57-year-old father

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Laymans Guide To Managing Your Investments

Authors: Thomas Dunleavy

1st Edition

979-8763592214

More Books

Students also viewed these Finance questions