RESP Transfers
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
|
Hold cursor over or click on each term to read its definition.
- Identify potential reasons why an individual may choose to make a transfer into a Registered Education Savings Plan.
- Voluntary choice by the subscriber
- Death of a beneficiary
- Identify the types of plans from which amounts may be transferred into a Registered Education Savings Plan.1
- Identify potential reasons why an individual may choose to make a transfer out of a Registered Education Savings Plan.
- Beneficiary does not attend qualifying educational program
- Voluntary choice by the subscriber
- Death of a beneficiary
- Identify the options for a subscriber when the beneficiary of a Registered Education Savings Plan does not attend a qualifying program.
- Transfer to the beneficiary’s Registered Disability Savings Plan
- Transfer to another Registered Education Savings Plan
- Add a new beneficiary to the Registered Education Savings Plan
- Transfer to the subscriber’s Registered Retirement Savings Plan
- Identify the types of plans to which a transfer may be made from a Registered Education Savings Plan.2
- Explain the requirements for a tax-deferred transfer from a Registered Education Savings Plan to a Registered Disability Savings Plan.3
- Explain the impact resulting from a tax-deferred transfer from a Registered Education Savings Plan to a Registered Disability Savings Plan.4
- On contribution limit for the Registered Disability Savings Plan
- Potential grants for the Registered Disability Savings Plan
- Grants for the Registered Education Savings Plan
- Treatment of future withdrawals from the Registered Disability Savings Plan
- Explain the requirements for transfers between Registered Education Savings Plans.5
- Explain the potential risks associated with transfers between Registered Education Savings Plans.6
- Identify that changing the beneficiary of a Registered Education Savings Plan is an alternative to transferring between Registered Education Savings Plans.
- Explain the requirements for a beneficiary of a Registered Education Savings Plan to be changed.7
- Explain the requirements for a transfer from a Registered Education Savings Plan to a subscriber’s Registered Retirement Savings Plan.8
- Explain the estimated tax impact.
- Resulting from a transfer between Registered Education Savings Plans
- Resulting from changing a beneficiary on a Registered Education Savings Plan
- Resulting from a transfer from a Registered Education Savings Plan to a subscriber’s Registered Retirement Savings Plan
- Estimate the tax impact of making a transfer into a Registered Education Savings Plan.
- Determine how each of these factors may impact the suitability of transferring an amount into a Registered Education Savings Plan:
- Available CESG or CLB
- Tax impact
- Cash flow needs
- Time horizon until withdrawal required
- Evaluate how each of the factors may impact the suitability of transferring an amount into a Registered Education Savings Plan.
- Estimate the tax impact of transferring an amount out of a Registered Education Savings Plan.
- Determine how each of these factors may impact the suitability of transferring an amount out of a Registered Education Savings Plan:
- Cash flow needs
- Tax impact
- Government legislation
- Other beneficiaries who may benefit from funds
- Evaluate how each of the factors may impact the suitability of transferring an amount out of 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 potential reasons why an individual may choose to make a transfer into a Registered Education Savings Plan.
- Voluntary choice by the subscriber
- Death of a beneficiary
- Identify the types of plans from which amounts may be transferred into a Registered Education Savings Plan.1
- Identify potential reasons why an individual may choose to make a transfer out of a Registered Education Savings Plan.
- Beneficiary does not attend qualifying educational program
- Voluntary choice by the subscriber
- Death of a beneficiary
- Identify the options for a subscriber when the beneficiary of a Registered Education Savings Plan does not attend a qualifying program.
- Transfer to the beneficiary’s Registered Disability Savings Plan
- Transfer to another Registered Education Savings Plan
- Add a new beneficiary to the Registered Education Savings Plan
- Transfer to the subscriber’s Registered Retirement Savings Plan
- Identify the types of plans to which a transfer may be made from a Registered Education Savings Plan.2
- Explain the requirements for a tax-deferred transfer from a Registered Education Savings Plan to a Registered Disability Savings Plan.3
- Explain the impact resulting from a tax-deferred transfer from a Registered Education Savings Plan to a Registered Disability Savings Plan.4
- On contribution limit for the Registered Disability Savings Plan
- Potential grants for the Registered Disability Savings Plan
- Grants for the Registered Education Savings Plan
- Treatment of future withdrawals from the Registered Disability Savings Plan
- Explain the requirements for transfers between Registered Education Savings Plans.5
- Explain the potential risks associated with transfers between Registered Education Savings Plans.6
- Identify that changing the beneficiary of a Registered Education Savings Plan is an alternative to transferring between Registered Education Savings Plans.
- Explain the requirements for a beneficiary of a Registered Education Savings Plan to be changed.7
- Explain the requirements for a transfer from a Registered Education Savings Plan to a subscriber’s Registered Retirement Savings Plan.8
- Explain the estimated tax impact.
- Resulting from a transfer between Registered Education Savings Plans
- Resulting from changing a beneficiary on a Registered Education Savings Plan
- Resulting from a transfer from a Registered Education Savings Plan to a subscriber’s Registered Retirement Savings Plan
- Estimate the tax impact of making a transfer into a Registered Education Savings Plan.
- Determine how each of these factors may impact the suitability of transferring an amount into a Registered Education Savings Plan:
- Available CESG or CLB
- Tax impact
- Cash flow needs
- Time horizon until withdrawal required
- Evaluate how each of the factors may impact the suitability of transferring an amount into a Registered Education Savings Plan.
- Estimate the tax impact of transferring an amount out of a Registered Education Savings Plan.
- Determine how each of these factors may impact the suitability of transferring an amount out of a Registered Education Savings Plan:
- Cash flow needs
- Tax impact
- Government legislation
- Other beneficiaries who may benefit from funds
- Evaluate how each of the factors may impact the suitability of transferring an amount out of a Registered Education Savings Plan.
Additional Knowledge Expected of CFP Professionals
- Identify potential reasons why an individual may choose to make a transfer into a Registered Education Savings Plan.
- Breakdown of joint subscribers’ relationship
- Identify potential reasons why an individual may choose to make a transfer out of a Registered Education Savings Plan.
- Breakdown of joint subscribers’ relationship
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