Education

Question 1

Replacement of benenficiaries?

Answer 1

Replacement beneficiaries are under 21 and sibling of original beneficiary

OR

Both original and replacement beneficiaries are under 21 and are related by blood or adoption to original subscribers of RESP

Question 2

Maximum contribution age

Answer 2

Can be made for upto 31 years

Question 3

Can you open RESP for yourself?

Answer 3

Yes

Question 4

Lifetime contribution limit?

Answer 4

$50,000 with no annual limit

Question 5

RESP closure date

Answer 5

RESP can be opened until the end of the year your child turns 35

Question 6

RESP grant can be paid at 16 or 17 only if

Answer 6

Option1, min $2k contribution before the end of year child turned 15
Or
Option2, min $100 annual RESP contribution made at least 4 years before the end of year child turned 15

Question 7

CESG lifetime limit?

Answer 7

$7200

Question 8

Canada Learning Bond benefit

Answer 8

If eligible, one time initial $500 and $100 each year of eligibility upto age 15 = $500 + $100*15

Also get $25 to cover the costs of opening RESP

Question 9

CLB eligibility income

Answer 9

Must be less than $50197

Question 10

Canada Student Grants amount

Answer 10

$750 month or $6000 per year for low income family

Question 11

Canada Student Grants with dependents

Answer 11

$400 month or $3200 yearly
You can apply both student grant and student grant with dependants

Question 12

Maximum Educational Assistance Payment?

Answer 12

$5000 first 13 weeks for full time
$2500 for p/t

Question 13

Accumulated Income Payment eligibility

Answer 13

Beneficiary has not attended by age 21

Subscriber can transfer upto $50,000 of AIP to RRSP/S-RRSP and claim deduction. CESGs returned. 20% penalty tax imposed on earnings.

Question 14

Lifelong Learning Plan maximum withdrawal

Answer 14

$10,000 a year, can be taken out over 4 years, maximum cannot exceed $20,000

Question 15

LLP repayment

Answer 15

60 days after 5th year, installments over max 10 years