I'll have some of that Grant
What is the lifetime maximum CESG one beneficiary can receive in a lifetime?
$7200
How many Subscribers can be on an RESP with RBC Branch Service?
1
I have a head and a tail but my eyes can never see my tail. What am I?
A coin
What do we need to receive from the client for an RESP redemption for education purposes?
Proof of Enrollment
How much can you contribute to the FHSA per year and what is the lifetime maximum?
$8,000 per year and lifetime maximum of $40,000
How much should a Subscriber contribute this year if the beneficiary was born in 2021 and they have already contributed $2500 in 2022. (Household income is >$100M)
$5000
If eligible, how much CLB can a beneficiary receive the first year and every year thereafter?
$500 is available in the first year followed by up to 15 annual entitlements of $100
LAPTOP CHANCE
-200 Points if anyone on the team has their laptop unlocked in front of them, shame on you.
+200 Points if Jeopardy has their full attention (without laptop), touché!
Did you do the self evaluation on workday? (Ruby to confirm)
Yes + 200 points
No - 200 points
Will a client receive CESG if they have completed a withdrawal of the RESP for non-education purposes the year prior?
Yes.
But, all beneficiaries in the plan will become ineligible for Additional CESG from the date of the transaction until December 31st of the second year following the date of the transaction
What can the RESP funds be used for once the client provides a valid proof of enrollment?
Anything
What is the transfer fee for an RBC RESP?
$150
What is the main benefit of RBC Target Education Funds?
The fund gradually shifts its asset mix from an emphasis on equity funds, in its early years, to an emphasis on fixed income and cash as its “target” date approaches.
What if I don’t buy a house? How long can I hold a FHSA and what will happen to my funds?
Once you open a FHSA, you can use it for up to 15 years. After that time, it must be closed. If you don't buy a home, any unused savings in your FHSA may be transferred to an RRSP. It can also be withdrawn as taxable income.
A beneficiary is 16 years old and an RESP has never been opened for them in the past. The parents have what is considered to be low income. How much CESG will they receive with a $4500 contribution?
$0
What is the annual contribution limit per beneficiary?
There is no annual contribution limit for RESPs - subscribers may contribute any amount to an RESP in a given year, as long as the $50,000 lifetime contribution limit per beneficiary is not exceeded.
How much does a client need to contribute to receive CLB if eligible?
No contribution neccesary
What happens to RBC Target Education Funds once it reaches it's target year?
The fund will be fully invested in units of RBC Canadian Money Market Fund.
How long do funds need to be in a FHSA?
There's no minimum period of time that money must be held in an FHSA before contributions can be withdrawn. In the case of the HBP, funds must be deposited for a minimum of 90 days before they can be withdrawn.
For a family with little to no income, how much CESG will they receive with a $1000 contribution?
$300
CESG - 20% = $200 + 20% of the first $500
Additional CESG can receive an additional 10% or 20% of the first $500 contributed to the RESP
If a beneficiary doesn't go to post-secondary, what are the options for ALL the money in the RESP?
Grants will be repaid, subscribers contributions can be returned to them without tax implication, and growth in the RESP can be withdrawn and subject to tax on the subscriber, transferred into an RRSP if they have space or transferred to an RDSP for the beneficiary if applicable.
What has multiple banks, but no money?
A river
TAX TALK!
What portion of the RESP withdrawals are taxable if any? If so, what are the limitations?
EAP is taxed in the name of the beneficiary and there is a maximum EAP withdrawal permitted for the first 13 weeks.
EAP limit is $8,000 in the first 13 weeks of enrollment in a qualifying educational program (full-time studies), and $4,000 in any 13-week period while enrolled in a specified educational program (part-time studies)