Question: Gill is a single dad whose son, Jacob, turns age 10 in May 2020. He has started to put aside funds for Jacob's education. Gill

Gill is a single dad whose son, Jacob, turns age 10 in May 2020. He has started to put aside funds for Jacob's education. Gill earns $100,000 per year as an accountant and he has contributed $1,000 per year to his Jacob's RESP, which now has a balance of $16,000. Gill wants to increase the amount he is saving in the RESP and maximize the government grant. What recommendation would you give to Gill?

Gill should increase his contributions to $3,750 per year to maximize the grant.
Gill should increase his contributions to $2,500 per year to maximize the grant.
Gill is already maximizing the grant by contributing $1,000 per year.

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