IFSE Institute Life License Qualification Program LLQP Question # 52 Topic 6 Discussion
LLQP Exam Topic 6 Question 52 Discussion:
Question #: 52
Topic #: 6
(Vanessa, a grandmother, wants to set up a savings account for her six-month-old granddaughter Brienne’s future education, making a lump sum and regular contributions.
ARegistered Education Savings Plan (RESP)is specifically designed to fundeducation savingsand allows contributions for a named beneficiary (Brienne), making it the perfect choice.
Exact Extract:
"An RESP is an education savings plan sponsored by the government, providing grants and tax-deferral advantages for beneficiaries saving for post-secondary education."
(Reference:Segfunds-E313-2020-12-7ED, Chapter 1.3.11.3 Group Plans and Registered Education Savings Plans)
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