Marta Received an Inheritance of $20 000 and Wants to Allocate

question 6

Multiple Choice

Marta received an inheritance of $20 000 and wants to allocate it towards her six-year-old son's education in the most effective manner.Which of the following considerations will have the greatest financial impact?

• A)Contributing to an RESP in such a way as to collect the maximum Canada Education Savings Grant
• B)Benefiting from the tax deferral in an RESP account as quickly as possible
• C)Applying for the Canada Learning Bond as soon as possible
• D)Collecting the maximum Educational Assistance Payments in the RESP account

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Definitions:

Psychological Attribute

An inherent characteristic or quality of an individual's mind or personality, such as temperament, intelligence, or emotional responses.

Leadership Traits

Characteristics and qualities that are effective for leading and influencing others, such as charisma, decisiveness, and integrity.

Influencing Factor

An element or aspect that can sway, affect, or alter the outcome of a decision, situation, or behavior.

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