QUESTIONS 41 – 50 ARE BASED ON THE JOSHUA AND KATE CHAMBERLAIN CASE STUDY
Today, the Chamberlains will establish and contribute to an RESP for Neville. What statement is FALSE?
a) The RESP must be terminated no later than the end of the year in which Neville turns 36 years of age.
b) If the Chamberlains' make an initial RESP contribution of $10,000, a Canada Education Savings Grant (CESG) in the amount of $500 will be credited to the plan for this year.
c) Subject to available contribution room, the last contribution to the RESP must be made no later than the end of the year in which Neville turns 32 years of age.
d) The maximum amount the Chamberlains can open the RESP with is $50,000.