Question
Ricky and Jane have a family income of $150000. They set up a family RESP plan for their two children Paul and Saul. The plan
Ricky and Jane have a family income of $150000. They set up a family RESP plan for their two children Paul and Saul. The plan has $60000 in contributions and $8000 in earnings and $14000 in grants. Which of the following is not true regarding RESP.
a. If Paul doesnt attend a post secondary education the earnings can be used for Saul
b. If Paul doesnt attend a post secondary education the grant can be used for Saul
c. If Paul and Saul do not attend a post secondary institution, $14000 will have to be returned.
d. If Paul and Saul do not attend a post secondary institution, Ricky and Jane will be taxed on $8000
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The Handbook Of Professionally Managed Assets A Definitive Guide To Profiting From Alternative Investments
Authors: Keith Fevurly
1st Edition
143026019X, 978-1430260196
