Terminology
True or False - The CLB is the Canadian Life Board and they give incentives to everyone who applies.
FALSE - Canadian learning bond and primarily meant for for low income fam + Child is resident of Canada with SIN within the RESP.
True or False - The 4601 can be used to open Client named RESP's.
False, need 4821. The 4601 is for GIF.
Individual RESP help by Subscriber Mom and the bene is her Son. The son is going to University of Toronto in the fall. What two documents are required to redeem for educational purposes?
POE + RESP redemption form
How much CESG percent up to $2500 does the subscriber get?
1. 10%
2. 18%
3. 20%
3. 20% on contributions up to $2500
We received an RESP app with a one time $500 PAC. What two worktype items will be created by IFDS?
RNASU and RPAC
What is a POE and when do we receive this?
Proof of Enrolment - for educational redemptions
True or False - Annex A is used when applying for the Atlantic Canadian grant.
False - used for adding additional bene's to an RESP
True or False - Client is requesting a full non-educational redemption from their RESP due to an emergency. IFDS has rejected to confirm that the Client is aware that CESG will stay in the account.
False - capital withdrawal results in grants being returned back to gov.
Can residual AIP be DONATED to a school if the subscriber meets AIP requirements and chooses to?
When do you use an RTAXTRANS?
When expecting fund into an RESP, typically from another RESP, but not limited to only RESP.
What is PSE and what does it consist of?
Contributions (capital).
True or False - Excess contribution form (T1E-OVP) is required when redeeming due to over contributing to an RESP.
False - This form is not required to request a withdrawal with SLGI.
Estate - Mary has an individual RESP with bene daughter Susan and Patty 50% allocation each. Mary died. Joe is the husband in real life, but not in the RESP. Executor on the Will is Helen. Why can Joe not submit the claim form if its his wife?
Has to be Helen. The Will takes presidence.
What is the maximum CLB 1 single beneficiary may receive in their lifetime?
Ash Ketchum calls you asking for the unassisted and assisted breakdown for CESG. He is authenticated and you are allowed to reply. Where can this info. be found this in IFAST - CAUTIONS, OPTIONS or ATTRIBUTES?
Which option under one of the above?
ATTRIBUTES - NOTIONAL INFO
What is AIP, and what is one of the few requirements for a Client to redeem?
The plan has existed for at least 10 years and the beneficiaries are at least 21 years old
The plan has existed for 36 years
All the beneficiaries are deceased
Client is resident of Canada
RESP grant form - section 1 , line 1 - Jack Sparrow is the PCG (YES) and PLG (YES). Line 2 has PLG (YES) of Elizabeth. Beneficiary is their blood child Bob. On line 5, the SIN is required. Whose SIN needs to be on line 5 for the item to be processed by IFDS?
Jack
Bob lives in BC with his child Franklin. Bob is 35. Franklin is 4 years old. Bob submitted an Annex D and provided valid ID proof and adequate authorization.
Why will IFDS reject this?
A child must be between the ages of 6 to 9 to apply
We received an RXPURCH - a cheque with a FORM C. If there is a pending grant amount coming into the relinquishing account, how would we know this?
Section 6 of Form C - pending grant section
A non education redemption OT for $5655.12 is received and dated June 10. The document is received on June 11 and IFDS NIGO's that the account holds $5755.12 and the request is for $5655.12. Client is aware that the grant portion is being returned to Gov. How can you check in IFAST if the intentions were to have a full account redeem?
ATTRIBUTES - HYPOTHETICAL REDEMPTION - Select Date, NEXT
What is a QESI and what happens if the subscriber (MOM) and the bene (CHILD) move to New Brunswick from Quebec?
If a beneficiary moves out of the province, they are no longer eligible to keep the QESI payout and must return the incentive to Revenue Quebec.
What is an Annex D and what do you get by submitting this IGO?
Annex D - BCTESG grant. Up to 1200 grant per bene one time payment by gov.
Confirm WHEN to use the following documents and WHO is to complete:
1. FORM A
2. FORM B
3. FORM C
1. Advisor - RTAXTRANS
2. Receiving fund co (IFDS) RHMAINT
3. Notionals with the cheque - RXPURCH, the relinq.
If AIP is being redeemed and transferred to a subscribers RRSP, is the AIP transfer considered:
1. Income and Contribution
2. Only contribution
3. Only income
1. Income and Contribution - T4A slip to the subscriber gets issued by SLGI.
AOB submitted to add a full younger brother of the current beneficiary to subscribers existing RESP.
AOR calls you, gets authenticated, and wants you to confirm how the grant allocation % breakdown between the two bene's is set up. Where do you look?
Attributes - RESP account information - % allocation