Justin and Yvonne both open a Registered Education Savings Plan (RESP) for their daughter Grace. They plan to regularly contribute $1,000 per year until Grace reaches the age of 17. Which of the following statements relating to RESP is CORRECT? O Justin and Yvonne may contribute a combined lifetime maximum of $50,000 for Grace. O RESPs are attractive to Justin and Yvonne because they are tax-free investment plans. O There is an annual contribution limit of $2,500 that Justin and Yvonne can contribute to an RESP Contributions made by Justin and Yvonne are eligible for a tax deduction in the year they are contributed. cording Whiteboard Flag for I You are meeting a new client, Steven, and you are trying to determine his level of understanding of different investments. Which question would give you the most information regarding your client's familiarity with investing? O Do you want to minimize taxes from your investments? O What rate of return do you expect from investing? Do you understand the relationship between risk and return? ○ Do you have the resources to invest for the long-term?

Justin and Yvonne both open a Registered Education Savings Plan (RESP) for their daughter Grace. They plan to regularly contribute $1,000 per year until Grace reaches the age of 17. Which of the following statements relating to RESP is CORRECT? O Justin and Yvonne may contribute a combined lifetime maximum of $50,000 for Grace. O RESPs are attractive to Justin and Yvonne because they are tax-free investment plans. O There is an annual contribution limit of $2,500 that Justin and Yvonne can contribute to an RESP Contributions made by Justin and Yvonne are eligible for a tax deduction in the year they are contributed. cording Whiteboard Flag for I You are meeting a new client, Steven, and you are trying to determine his level of understanding of different investments. Which question would give you the most information regarding your client's familiarity with investing? O Do you want to minimize taxes from your investments? O What rate of return do you expect from investing? Do you understand the relationship between risk and return? ○ Do you have the resources to invest for the long-term?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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