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This year, Hania and Praveen set up an RESP for their infant daughter, Teja, who was born three years ago in September. Hania and Praveen
This year, Hania and Praveen set up an RESP for their infant daughter, Teja, who was born three years ago in September. Hania and Praveen each contributed $2,500 to the RESP. They have a combined family income of $100,000. What statements are FALSE? 1 Hania and Praveen have made an excess contribution. 2 A Canada Education Savings Grant in the amount of $1,000 will be paid into Teja's RESP. 3 Hania and Praveen can continue contributing to the RESP until December 31st of the year in which Teja turns 34 years of age. 4 Hania and Praveen will incur a penalty if they withdraw their principal contributions for reasons other than for an educational assistance payment. 1 and 3 1 and 4 2, 3 and 4 1, 2 and 4
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