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Rita opened an RESP for her son Charlie. In 2020, Charlie finished his 3 year business degree at BGC College and found a job working

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Rita opened an RESP for her son Charlie. In 2020, Charlie finished his 3 year business degree at BGC College and found a job working as an analyst at SB Bank. The value of the RESP is $9,224, and Rita's marginal tax rate is 35%. Which of the following statements is/are correct? i) Rita can leave the RESP open until Charlie turns 36. ii) Rita can withdraw the funds from the RESP a pay a $5,074.20 penalty. iii) Rita can transfer $9,224 to an RRSP. iv) Rita can withdraws the funds and make a $4,150.80 contribution to her TFSA. v) Rita can use the funds to attend a 3-week education program. i and iii i and v O i, iii, and v O i, ii, iii, and iv i, iv, and v All of the above statements are correct

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