RESP Contributions
KNOWLEDGE EXPECTED OF: QAFP® Professionals
Highest Knowledge Level: Evaluation
Knowledge Levels and Associated Verbs
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Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
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Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
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Application
Ability to put information to use / to use knowledge for relevant, practical purposes
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Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
|
Estimate
To determine an approximate value for
|
Calculate
To find the value using mathematics
|
Convert
To change from one form or purpose to another
|
Evaluate
To reach a conclusion or make a through careful study
|
Interpret
To give the meaning of / to construe or understand / to translate orally
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Hold cursor over or click on each term to read its definition.
- Identify the requirements to contribute to a Registered Education Savings Plan.1
- Identify the annual contribution limit that may be made for each beneficiary to a Registered Education Savings Plan.
- Identify the lifetime contribution limit that may be made for each beneficiary to a Registered Education Savings Plan.2
- Identify the tax implication when an excess contribution exists for a Registered Education Savings Plan.3
- Identify the parties who are responsible for an excess contribution for a Registered Education Savings Plan.4
- Identify the contributions made by the Government of Canada to a Registered Education Savings Plan as part of the Canada Education Savings Program (CESP).5
- Identify the basic Canada Education Savings Grant that may be paid on all annual contributions made to all eligible Registered Education Savings Plans for a qualifying beneficiary.6
- Identify the additional Canada Education Savings Grant based on family net income that may be paid on all annual contributions made to all eligible Registered Education Savings Plan for a qualifying beneficiary.7
- Identify the maximum Canada Education Savings Grant to which a beneficiary of a Registered Education Savings Plan may be entitled.8
- Annually
- Lifetime
- Estimate the total Canada Education Savings Grant that may be paid on all annual contributions made to all eligible Registered Education Savings Plans for a qualifying beneficiary.
- Identify the amount of Canada Education Savings Grant contribution room that each eligible qualified beneficiary accumulates.9
- Explain how a beneficiary’s entitlement to the Canada Education Savings Grant may be carried forward.10
- Identify the years for which a qualified beneficiary may receive a Canada Education Savings Grant.
- Identify the requirements for a 16- or 17-year-old beneficiary to receive a Canada Education Saving Grant.11
- Identify the amount of Canada Education Savings Grant to which a beneficiary may be entitled.
- Identify the requirements for a qualified beneficiary of a Registered Education Savings Plan to receive the Canada Learning Bond.12
- Identify the amount of Canada Learning Bond to which a qualified beneficiary may be entitled.13
- Identify the amount of the Canada Learning Bond provided to a Registered Education Savings Plan on behalf of a qualified beneficiary.
- Identify the impact on Canada Education Savings Grants and Canada Learning Bonds if a beneficiary does not attend a qualifying educational institution or program.14,15
- Identify that other provincial education savings incentive programs may exist.16
- Determine how each of these factors may impact the suitability of contributing to a Registered Education Savings Plan:
- Expected tax rate of student at time of withdrawal
- Availability of education grants and bonds
- Evaluate how each of the factors may impact the suitability of contributing to a Registered Education Savings Plan.
REFERENCES
KNOWLEDGE EXPECTED OF: CFP® Professionals
Highest Knowledge Level: Evaluation
Knowledge Levels and Associated Verbs
|
Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
|
Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
|
Application
Ability to put information to use / to use knowledge for relevant, practical purposes
|
Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
|
||||||
|---|---|---|---|---|---|---|---|---|---|
|
Define
To state exactly the meaning of
|
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
|
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
|
Estimate
To determine an approximate value for
|
Calculate
To find the value using mathematics
|
Convert
To change from one form or purpose to another
|
Evaluate
To reach a conclusion or make a through careful study
|
Interpret
To give the meaning of / to construe or understand / to translate orally
|
Hold cursor over or click on each term to read its definition.
- Identify the requirements to contribute to a Registered Education Savings Plan.1
- Identify the annual contribution limit that may be made for each beneficiary to a Registered Education Savings Plan.
- Identify the lifetime contribution limit that may be made for each beneficiary to a Registered Education Savings Plan.2
- Identify the tax implication when an excess contribution exists for a Registered Education Savings Plan.3
- Identify the parties who are responsible for an excess contribution for a Registered Education Savings Plan.4
- Identify the contributions made by the Government of Canada to a Registered Education Savings Plan as part of the Canada Education Savings Program (CESP).5
- Identify the basic Canada Education Savings Grant that may be paid on all annual contributions made to all eligible Registered Education Savings Plans for a qualifying beneficiary.6
- Identify the additional Canada Education Savings Grant based on family net income that may be paid on all annual contributions made to all eligible Registered Education Savings Plan for a qualifying beneficiary.7
- Identify the maximum Canada Education Savings Grant to which a beneficiary of a Registered Education Savings Plan may be entitled.8
- Annually
- Lifetime
- Estimate the total Canada Education Savings Grant that may be paid on all annual contributions made to all eligible Registered Education Savings Plans for a qualifying beneficiary.
- Identify the amount of Canada Education Savings Grant contribution room that each eligible qualified beneficiary accumulates.9
- Explain how a beneficiary’s entitlement to the Canada Education Savings Grant may be carried forward.10
- Identify the years for which a qualified beneficiary may receive a Canada Education Savings Grant.
- Identify the requirements for a 16- or 17-year-old beneficiary to receive a Canada Education Saving Grant.11
- Identify the amount of Canada Education Savings Grant to which a beneficiary may be entitled.
- Identify the requirements for a qualified beneficiary of a Registered Education Savings Plan to receive the Canada Learning Bond.12
- Identify the amount of Canada Learning Bond to which a qualified beneficiary may be entitled.13
- Identify the amount of the Canada Learning Bond provided to a Registered Education Savings Plan on behalf of a qualified beneficiary.
- Identify the impact on Canada Education Savings Grants and Canada Learning Bonds if a beneficiary does not attend a qualifying educational institution or program.14,15
- Identify that other provincial education savings incentive programs may exist.16
- Determine how each of these factors may impact the suitability of contributing to a Registered Education Savings Plan:
- Expected tax rate of student at time of withdrawal
- Availability of education grants and bonds
- Evaluate how each of the factors may impact the suitability of contributing to a Registered Education Savings Plan.
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