Carmen is the beneficiary of an RESP. She just received an educational assistance payment of...
50.1K
Verified Solution
Link Copied!
Question
Finance
Carmen is the beneficiary of an RESP. She just received an educational assistance payment of $5,000. Prior to the payment, her RESP had investment income of $23,000 and a CESG balance of $1,600. What portion of CESG is paid out in the EAP amount of $5000? Round all your calculations to the nearest dollar.
2- Jamal withdrew $4,000 from his son's RESP earlier last year. He made a $5000 contribution this year. How much CESG did he receive for the contribution?
3- Marc's daughter Emma was born last year. He set up an RESP account for her this year and contributed $6,000. How much CESG will the account receive as a result of this contribution?
4- In April of this year, Herman established a RESP for his daughter, Veronica with a contribution of $5,000. Veronica was born in January of this year. How much in CESG payments will be credited to the RESP?
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
