Two Quick RESP Questions
I recently opened up a mutual fund RESP @ TD bank for my daughter, and converted it to an e-series account.
I've purchased $1600 of funds, and am wondering how the 20% government top-up (CESG) works (we only qualify for 20% based on income)
1) Will the 20% be deposited into the account, and if so how long does it take?
2) The government only matches 20% up to a maximum of $500 per year, but is that based on a calendar year (Jan-Dec) or from the date I make the first deposit? (Aug-July)
Thanks for your help!
I've purchased $1600 of funds, and am wondering how the 20% government top-up (CESG) works (we only qualify for 20% based on income)
1) Will the 20% be deposited into the account, and if so how long does it take?
2) The government only matches 20% up to a maximum of $500 per year, but is that based on a calendar year (Jan-Dec) or from the date I make the first deposit? (Aug-July)
Thanks for your help!