Ellen and her only son Jeff live on the family farm with her father George. Jeff is five years old and Ellen has decided that it is time to start saving for Jeff’s post-secondary education. She has called you to ask about registered education savings plans (RESPs). Which of the following statements is TRUE?

Eligibility for the Canada Learning Bond (CLB) is determined by the family's net income. A key indicator for eligibility is the primary caregiver's qualification for the National Child Benefit Supplement (NCBS). Since Ellen receives the NCBS, her son Jeff is likely eligible for the CLB, which provides an initial grant and subsequent annual grants without requiring any personal contributions to the RESP. This program is specifically designed to help modest-income families start saving for their child's post-secondary education early.

A. The lifetime maximum for the Canada Education Savings Grant (CESG), including any additional CESG, is fixed at $7,200 per beneficiary.
B. If the beneficiary does not pursue post-secondary education, all CESG funds must be returned to the Government of Canada.
C. Any individual, including a grandparent like George, can open an RESP for a beneficiary, and the plan will be eligible to receive CESGs.

1. Government of Canada, Employment and Social Development Canada. "Canada Learning Bond (CLB)". This official documentation specifies that eligibility is linked to the net family income and receipt of the National Child Benefit Supplement.

2. IFSE Institute, Canadian Investment Funds Course (CIFC), Part 2, Module 8, Section 3: "Registered Education Savings Plans (RESPs)". This section details the features of the Canada Learning Bond and its eligibility criteria.