Which of the following statements about “RESP’s are true?
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Which of the following statements about “RESP’s are true?
i A common factor between RRSP’s and RESP’s are that both plans allow the money in the plan to grow tax free until withdrawn.
ii Taxes are payable by the beneficiary on the growth portion only when withdrawn for post-secondary education costs.
iii A beneficiary can be the same person as the subscriber.
iv A qualifying school as determined by CRA can be outside of Canada.
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- The following relates to different types of registered plans: Registered Retirement Income Fund Tax-Free Savings Account Registered Education Savings Plan Registered Retirement Savings Plan What plan permits the amount contributed to be deducted from the individual's total income in the year contribution is made or carry forward if unused? Question 2 options: a) i, ii and iii b) ii, iii and iv c) iv only d) None of the abovePA Q1c) Explain the process and methods you would include ensuring that you identify taxpayers and educate them on the need to pay Gift taxes and the punitive measure to be meted out on them in case they default. Support your explanation with suitable examples and scenariosThe activities of public-school employee retirement plan that is financed by equally the school and employee contributions should be recognized in which one of the following fund? a. General fund b. Agency fund c. Trust fund d. None of the options
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