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20 Cards in this Set

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  • Back
Non-Family plan
Beneficiary can be anyone
Contributions made up to the plans 22 year.
Family Plan
Can have more then 1 beneficiary
-less then 21
-related by blood or adoption to subscriber
Group Plan
-Available through foundations
-administered by age group
-contribution calculations done by actuaries
To be a Joint Subscriber
must be spouse when plan is opened.

Can continue as JTWROS after a divorce
Subscriber can be changed to
1. Spouse
2. Former spouse with Court order
Change of Subscriber after death
Can be changed to
-new individual
-estate of subsriber
Employer-sponsered Plan
Employer has no role as subscriber

Employer contributions are a tazable benefit
Changing Beneficiaries
Any Contributions made to a plan prior to change are deemed to be made at original date
Changing Beneficiaries
Contributions deemed at original dates with 2 exceptions
1.new & previous bene are: under 21
blood/adoption related
blood/adoption relation to subscriber

new bene is:
under 21
same parent as previous bene
RESP contribution Limits
$4000/year
$42,000 life time max
Transfering a RESP has no tax implications if...
1.Bene is the same
2.Bene is the sibling of the bene
EAP (Education assistance payment)To qualify
1.enrolled full time in program
2.part-time if physically or mentally impaired
MAX EAP
first 13 weeks = lesser of $5000 or actual expenses
AIP (accumulated Income Payment)
Income earned in the plan & paid out to the subscriber
EAP
Accumulated CESG & Income paid out to the student
AIP can be paid out if...
1.Paid to one subsriber
2.Canadian resident
3.PLus any one of these three
-existed for 10years & bene not eligible
- existed for 26 years
-bene is deceased
AIP Taxation
Reported on T4A as income
20% WHT
Transferring AIP to RRSP is possible if
-under $50K
-must have contribution room
-must be subscriber or spouse of deceased subscriber
Termination of RESP
Must happen before the 26th year
CESG room
accumulated by every child up to & including age 17