Backdating option grants
In this case the tax sheltering effects are even more beneficial than for the older kids.
If she doesn’t want to contribute the maximum then I would suggest contributing a minimum of ,000 this year otherwise this will be the last year the child will be eligible for grants.
They instead have to rely on Home Office support which is provided at a level less than the minimum the law allows anyone else to live on.
If a positive decision is made on an application for asylum, a person is no longer an asylum seeker and is granted one of the following statuses: Following a positive decision, support from the Home Office stops and the person is given 28 days to navigate the social security system and also, in many cases, vacate their accommodation and find somewhere else to live.
15 year old Finally some good news – the 15 year old is eligible for the 20% government grant for this year and the next two years – but only if 00 is contributed this year (see above rule).
Donna asked about “backdating” the contributions – the resp rules allow you to receive up to 0 of grants per year for past years in addition to the yearly maximum of 0 in grants for the current year contribution.
The two main benefits of resps are the government grant (20% of contributions) and the tax-sheltered status.Let’s look at the possibilities for each of her kids: 18 year old The last year the resp contribution grant can be paid is in the year the beneficiary turns 17.If you set up an resp for the 18 year old then the main benefit of government grants won’t be available.The rules are as follows: RESPs for beneficiaries aged 16 and 17 will be eligible for RESP grants only if at least one of the following conditions is met: From the comment it appears that all the previous resp contributions were withdrawn which makes this child ineligible for any grants.My previous comment about tax sheltering for the 18 year old are still valid for this child.